Costs and regulatory burdens continue to put pressure on an exhausted advice industry that now numbers just 18,823, down 143 since the start of this financial year.
According to figures compiled by Wealth Data, the number of advisers dropped 1,812 since the start of the year to 28 October.
At a financial year to date, the losses at AMP and IOOF are now quite similar with AMP down 89 advisers and IOOF 82. When combined, the net change loss is 171, compared to 143 for all licensees.
On Thursday (28 October), IOOF reported a drop in the number of its advisers and practices in its Q1 2022 update.
The wealth giant confirmed the total number of advisers was 1,883 as at 30 September, down 65 for the quarter, while practices in its self-employed channel have also dipped by 37 to 539.
IOOF chief executive Renato Mota said the results were expected due to “a period of significant transformation”.
“We have strong early momentum since the acquisition of MLC with the progression of our transformation program,” he said.
“Continued simplification provides the foundation of future growth of our business, with synergy realisation will deliver benefits to clients and shareholders alike.”
if financial advisers were so clever with sums and money as they supposed to be – they would soon learn that its not profitable to be in a profession / industry that is rife with problems…..stress, and more….i think they are fools to remain in the so called advice sector…:roll:
Very simplistic uninformed expression there mate. Many are resilient and tough enough to battle through to a new industry where hopefully some of the overreactions can be rolled back or/and technology can keep up the burdens. Planners obviously love helping people and the stories many could share on the families and businesses that they have assisted and changed lives. Many of these deeds will now never be able to occur like before and focus will only be in the wealthier clients that planners can afford to assist. It’s now moved into unethical times for many when you can’t afford pro Bono work or only charge what should be charged, or choose to go broke. Many would not be making profits now n are special people with positive attributes and trust it will turn a corner. Much great experience has been lost unfortunately and poor solutions (and often more expensive) in the market will have to suffice for Mums n dads.
Some can’t also leave because their debts are too high and business values have dropped to a fraction of past values that you may have acquired other businesses. Some compassion is in order for a industry that has changed so many lives of the public for the better, not over decades, but centuries