Adviser numbers close in on 17kBY KARREN VERGARA | FRIDAY, 18 MAR 2022 12:39PMThe number of financial advisers is close to dipping below the 17,000 mark as more than 700 recently exited the industry. Related News |
Editor's Choice
Australian Unity lashed by ASIC over TMD questionnaire
|Australian Unity Funds Management has been told to stop offering its Select Income Fund, with ASIC saying retail clients are unlikely to understand the questionnaire used to determine whether they would be in the target market.
More businesses fold, unpaid super recovery measure to launch
|As the number of business insolvencies spike, workers will soon be able to claim unpaid superannuation owed to them by defunct employers.
NZ Super awards mandate to Northern Trust
|NZ Super has awarded a mandate to Northern Trust to use its Data Warehouse Solutions offering.
Sequoia chief learns his fate at EGM
|Sequoia chief executive Garry Crole has managed to hold onto his position after shareholders voted to keep him in the top spot at an extraordinary general meeting.
Further Reading
Sponsored by | Know the facts about lifetime annuitiesSaving for a happy retirement is Australia's #1 financial goal. Learn how LifeIncome can deliver more income, certainty, & choice. |
Products
Featured Profile
Jason Huljich
JOINT CHIEF EXECUTIVE OFFICER
CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin writes.
The risk advice sector has been absolutely gutted, there's no other word for it.
No thanks to the government, ASIC, the product manufacturers, the banks, industry funds sector and of course Mr. Hayne and his botched enquiry.
What a sad and sorry legacy, glad I retired when I did a few years ago.
You are 100% correct in you assessment Alan.
Yep, I endorse both comments above. Risk industry will have majority, 90%+, of advisers fully gone by 2026 and the life companies will realize they should have been careful wishing for what they did and shafting dedicated risk advisers. Their 2 year responsibility period, untenable premium increases and desire to reduce commissions will see them very much on their own, sadly, attempting to market policies through investment advisers (ineffective at best) and their lauded Robo-Advice. This will be an absolute compliance minefield and, again, ineffective. Life companies are going to find VERY difficult financial times ahead, starting mid-decade. Their statutory funds will be sorely tested. Don't even get me started on the stripped down policies, reduced benefit periods in IP with useless contractual definitions. Consumer and compliance nightmare coming soon. Bank on it, too late to save it now unfortunately!