Demand for advice not 'going away' despite declining adviser numbers

On a new episode of the ifa Show, head of local outsourcing company Virtual Business Partners, David Carney, said he believes the sector is reaching a place of consolidation after factors including regulation and education requirements has resulted in adviser numbers in Australia to drop.

It was revealed that the number of Australian advisers shrank below 19,000 late last year and it is predicted to reach 13,000 by the end of 2023.

“Wherever there's uncertainty and complexity in the world, which we definitely have here today, there's a need for people who want to seek advice,” Mr Carney said on the podcast.

“We've got large amounts of money transitioning from one generation to the next… none of that's going away.

“And so there's still a lot of demand for advice but with a reduction in the numbers, it just means that those that are switched on and focused have got plenty of opportunity.

“The firms that we deal with are largely all growing rapidly, looking at acquisitions, and their biggest challenge though is how do they resource and handle that growth?”

Listen to the full podcast with Mr Carney here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.