On this episode, David and Neil discuss the declining number of advisers in Australia, which is predicted to reach 13,000 by the end of 2023.
David shares his thoughts on the matter and what the industry can be doing to not only curb the trend, but also attract new entrants.
“We definitely have some challenges within the education sectors to promote people taking up the courses and that’s obviously something that we need to look at as an industry…” he said.
“But I think the consolidation is, certainly, for the independent firms that we deal with, is actually a great opportunity.
“And we’re just seeing a marketplace…where a lot of the foundation people that started businesses are reaching retirement age, et cetera. It’s consolidation before the next probably phase of growth, but lots of opportunity for those that stick in the industry.”
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There is no point, and no need, to attract new entrants to professional financial advice while bad regulation makes it too costly for most consumers.
Bad regulation is a deliberate tactic by government to drive consumers away from professional advice and into the arms of dodgy online products and scams. (Which Hume euphemistically refers to as the “Digital Economy”).