Reflecting on the past financial year, Wealth Data found 2500 advisers had departed the industry. This was largely to do with the FASEA exam deadline which contributed to over 1000 departures over the new year.
The number of advisers expected to leave industry was expected to steady, with only the September exam deadline to be the next threshold, but Phillipa Hunt said that more advisers will depart due to mental health.
“The feeling is we’ll end up with about 13,000 [advisers] around the country, which makes it an elite service,’’ Hunt said.
Speaking of the September exam deadline, the last available sitting before the end of the extension saw a record number of registrations.
Moving around
ANZ’s life business re-launched under Zurich Assure, which chief distribution officer for life and investments Kieran Forde said was a natural home for the acquired business.
“ANZ spoke to us about its intentions [exiting the advice business], and given they were the adviser on record for a very large number of our Zurich and OnePath insurance customers, it was an important conversation,” Forde said.
Lonsec acquired Implemented Portfolios Limited, further cementing the growth of researchers directly working in the managed accounts space.
“One of the core enablers to help gain more clients with less is advisers is using and leveraging managed accounts,” Lonsec CEO Michael Wright said.
“We’re playing a long game here – we’re betting advice will be much more successful over the next 30 years.”
Iress CEO Andrew Walsh announced his retirement with Marcus Price named as successor.
With the number of advisers from AMP licensees diminishing since the conclusion of the Hayne Royal Commission, another merger of AMP adviser associations took place – The Authorised Representatives Association (representing Charter Financial Planning advisers), merged with The Advisers Association (the former AMP Financial Planning Association).
