A significant proportion of enquiries about setting up an independent advice practice is coming from disgruntled Gen Y advisers currently licensed by institutions, says the IFAAA.
Speaking at a non-aligned advice networking function in Sydney last week, Independent Financial Advisers Association of Australia (IFAAA) president Daniel Brammall said he is seeing a marked increase in queries about structural independence, especially from younger advisers.
“We are seeing the current climate influence the number of calls we get from both consumers and from advisers,” Mr Brammall said.
“One of the [typical enquirers] is someone who has been a para-planner for a while – a young he or she – and who wants to start to become an adviser, but they don’t want to do it for the institutions because of what they perceive to be conflicts.
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