David Sharpe addressing delegates at the roadshow

The Financial Advice Association expects the drop in adviser numbers has plateaued but is committed to driving more people to join the profession.

Speaking at the start of the United Association Roadshow in Hobart on Friday, FAAA chief executive said the association wants to work to add to the current 15,865 registered advisers.

“We would like to address this in several ways, and one of the key ways to do this is to increase supply – we need a lot more financial advisers in Australia, we need a lot more,” Abood said.

“We need to remind ourselves just how much has changed in this industry, which has had a huge impact on the way that you do business as the regulatory pendulum has swung around.”

Abood said regulatory changes in the future will only improve the processes financial advisers have to follow as the FAAA works with willing regulators to streamline and transform regulation governing the profession.

“Changes for the future, by in large, will be changes for the better,” she said. “The focus or balance of recognition is shifting, but it certainly won’t be easy, and it helps a lot when you’ve got friends on the journey with you.”

Abood also told the room that the body will strongly advocate to streamline unnecessary complexities that matter to the industry right now, with policy and advocacy matters a key focus.

The association will address some of the contemporary issues facing the profession in recent years, including rebuilding the profession and its reputation, building a professional development pipeline, attracting talent into the sector, working with regulators and taking on an advocacy role as it streamlines policies and procedures.

FAAA chair David Sharpe said the newly-formed professional association will advocate for the interests of financial advisers and their clients across the country.

He explained to the audience that the FAAA has been working behind the scenes to streamline the association to a single constitution and board that will bring together around 12,000 members from the now defunct AFA and FPA.

Additionally, a series of member engagements will kick off in the coming months as the future of the industry and a renewed look at the code of ethics is mapped out by the FAAA.

“Financial advisers have been telling us that now is the time [to] take control of their destiny and maintain our own standards,” he said.

“We want to integrate the members so that we have a grassroots connection with our members and facilitate education and promotion to consumers to make sure that we have clear pathways for members.”