Original article by Alice Uribe
The Australian Financial Review – Page: 17 & 20 : 24-May-18
Research by consumer group Adviser Ratings shows that 7,000 Australian financial advisers have left the industry since 2015. An additional 14,000 are expected to do so in the next five years, primarily due to reforms that are likely to be implemented in response to the banking royal commission. The large number of advisers leaving the industry will affect around $A900m worth of clients’ funds, and Mark Hoven of Adviser Ratings says more than 25 per cent of these funds may end up not being under advice.
ADVISER RATINGS PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AZ NGA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP, IOOF HOLDINGS LIMITED – ASX IFL, NETWEALTH GROUP LIMITED – ASX NWL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION