Financial advisers looking to leave the industry in response to new education standards must take appropriate action to plan an exit strategy “whilst time is on their side”, according to Connect Financial Service Brokers.
In a statement, Connect Financial Service Brokers chief executive Paul Tynan warned that “time is not standing still” for advisers “waiting vainly for the return of the pre-GFC times and values” and need to make plans for their future.
“Baby Boomer planners are faced with regulatory and educational changes which are only going to increase as technology continues to disrupt traditional business models,” Mr Hewison said.
“Education standards, industry and professional accreditation exams and requirements are here to stay, and if a course of action is not taken whilst time is on their side, these planners will find the exit strategy being made for them.”
Mr Tynan said letting government or industry associations make decisions regarding an individual adviser’s exit will have an impact on their future employment, and that those considering a departure need to seek guidance.
“Time is not going to help in the decision-making process, what’s important is getting the right advice to aid the individual in the process,” he said.
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