Getting good financial advice into the hands of more Australians is one of the biggest challenges facing the finance industry today.
The industry is changing and the number of financial advisers has significantly dropped, with fewer financial advisers to cater to the growing need of people who need good financial advice. In fact, numbers have dropped almost by half since 2019 when there were close to 30,000 financial advisers, and now there are less than 16,000. Those numbers continue to fall as fewer financial advisers enter the industry.
“It is a Wicked Problem, I don’t think there is any doubt around that,” FPA CEO Sarah Abood says on the program. “Right now, we don’t have many advisers and planners. In fact, the numbers have halved in the past couple of years. Things are going in the wrong direction. Demand is going up, and supply is going down,” Sarah says. While finance adviser numbers drop, the people seeking advice is growing as our ageing population gets closer to retirement age. “By 2026, according to the ABS, we’re going to have 137,000 Australians every year turning 65,” Sarah says.
Download the whitepaper to read more on:
- The adviser landscape in Australia
- The role of technology in solving the problem of access to good, affordable advice
- Financial advisers’ reactions to the program and discussion
