Susanne Maas, Manager, TAG Financial Services
The financial planning industry is facing challenges and advisers have been leaving in droves. The number of financial advisers in the industry is set to halve by 2023. The combination of the low number of new entrants and the mass exodus of current workforce leaves an industry in crisis.
This is partly triggered by the controversial education reform brought in after the Hayne commission requiring all advisers to pass a national exam by January 2022. These reforms were introduced to push out the ‘bad apples’ but has increased the stress levels of many advisers, increasing administration, compliance and cost of education needed to operate, leading them to leave the industry.
As a result, there are more clients who are no longer able to tap into good advice due to the scarcity of advisers.
In the past year, the COVID-19 pandemic has highlighted the need for good financial advice. A bear stock market followed by a brief recession demonstrated the difference good financial advice can make. Those who stayed the course benefited from the eventual upturn of the stock market and economy in general, whilst others lost out.
At TAG, we understand how important the role of a good adviser is. All our advisors have passed the necessary exams and additional study requirements imposed by the Government. We are also committed to continuing advising clients and are ready to help new and existing client in a range of areas. We have specialists in various aspects of the financial planning, allowing us to utilise our combined knowledge to get the best results.
If your adviser is due to leave the industry or you feel that you are not receiving the best advice, please contact our financial advice team at TAG.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686).Copyright 2021. Please do not reproduce without the expressed written consent of the author.