Speaking to Adviser Ratings, the CEO of the Financial Planning Association (FPA) Sarah Abood said she would like to see adviser numbers exceed 28,000 within the next five years.
While this would mean onboarding an additional 10,000 advisers, Ms Abood believes that by better articulating the benefits of a career in advice to both young people and career-changers, the profession could meet this target.
“Sometimes I worry that we air a lot of the negatives and talk a lot about what needs to change in the profession, and forget to highlight what’s great about being a financial planner and why we’re here in the first place,” she said.
Speaking to Adviser Ratings about her wishes for 2023, Ms Abood said she would like to see the adoption of a principles-based approach to the regulation of advice, one that recognises it as a profession.
The most important change, she explained, must be a reduction in the “complex, overlapping and contradictory regulations, codes and rules that now govern the provision of financial advice”.
Touching on the Quality of Advice Review (QAR), which was handed to the government on 16 December, Ms Abood said she hoped it could help achieve these changes.
Late last year, Ms Abood said the FPA “eagerly awaits” the findings by the Financial Services Minister and urged him to move quickly to reduce the regulatory burden advisers are under.
“The review is a critical opportunity to reduce the cost of providing advice in Australia and improve the ability of Australians to get access to high-quality professional financial advice,” said Sarah Abood.
She noted that the FPA’s members were encouraged by Michelle Levy’s recommendations made in the proposal paper earlier this year, including the more principles-based approach to regulating the provision of financial advice.
Ms Abood wants ……. I want a Porsche 911 GT3 & to have dinner with Margot Robbie. I don’t think either of us will get what we want!
Sarah
I bet it will be closer to 2,800 than 28,000…!
Anyone entering this industry/profession with the current red tape/compliance regime would clearly not understand the meaning of risk and return. On that basis they shouldn’t be a financial adviser in any event. My best guess ? The total number will fall below 10,000 within the next 3 years.
Unless the Annual Fee Consent Renewal forms (for retail clients) are completely eliminated, red tape that does not exist in any other jurisdiction apart form Australia, sadly the FPA’s goal is a complete pipe dream.
It’s a hell of a lot less study, effort and massively less compliance/litigation risk to be a mortgage broker or Accountant, for more money less stress and less witch hunting. Fix this and maybe more participants if not the #s will diminish
Why on earth would one even contemplate a career in financial planning when we are the constant target of politicians, regulators and the media. I would strongly discourage students to avoid a career that leads to depression.
28,000 in five years???
haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha (I’m sorry 0 thought it was “comedy hour”.
She’ll be lucky if there are more than 7,500 advisers left in 5 years time.
The next fall out is just around the corner (2026) unless Steve “Speedy Goncalves” Jones gets his act together. But it does need to happen without damaging the progress to professionalism which would allow greater self-regulation of our ‘profession’.
What a joke.
There will be no more than 12,000 to 14,000 max if we are lucky….potentially less.
Way less than 12,000………way less.