Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

Research confirms adviser exit fears

Jan 16, 2018

A poll of ifa readers has indicated the vast majority of advisers plan to exit the industry after the introduction of FASEA’s mandatory education standards, dwarfing previous predictions.

Asked how they planned to prepare for the introduction of new education standards, 75.6 per cent of the 3,536 respondents said they plan to leave the industry.

Respondents planning to upskill and obtain new qualifications accounted for 18.9 per cent of respondents, with a further 3.4 per cent saying they already have the necessary qualifications.

Just 2.1 per cent of respondents are at this stage undecided on their course of action.

The findings suggest a much larger percentage of the industry may opt for early retirement, vastly outnumbering the previous predictions reported by ifa.

In September 2017, Deakin University associate professor Adrian Raftery suggested that between 21 and 34 per cent of advisers may choose to leave the industry, based off anecdotal evidence of conversations with industry participants.

“Of course they are leaving the industry,” the academic said.

“Every conference I go to they say ‘my retirement date is 31 Dec 2023’.”

Dr Raftery’s prediction followed that of research house CoreData, which anticipated that fewer advisers may choose to leave.

The CoreData research found that 68.1 per cent of respondents intend to meet the requirements, while 16.5 per cent would rather change careers. At that time, 15.4 per cent of respondents said they were unsure.

The latest ifa poll results may suggest that appetite for further study has waned since late 2016 as FASEA’s approach to regulating the mandatory education regime has become clearer.

Article published here in The Independent Financial Adviser on 16 January 2018.

 

 

Tags: 101 WaysAccountant SydneyCalculatorsChartered AccountantFinancial PlanningPensionsRetirementSMSFSuper

Author: Killian Plastow and Aleks Vickovich

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "We Offers Financial Consulting To Client, Companies Seeking Debt / Loan Financing And Seeking For Working Capital To Start A New Business Or To Expand Existing Business. Interested Parties Should..."

    By: WE OFFER ALL KIND OF LOANS at Aug 18, 2018 2:04AM

    Post: The secret to getting your loan approved

  • "My world was falling apart. My mind, for some reason, wont let go of the memory of My Wife. I had a very big problem with my wife few months ago, that lead to her leaving me. All efforts to get her..."

    By: Robert Watson at Aug 17, 2018 2:19PM

    Post: Marriage

  • "Do you have a low credit score and you are finding it hard to obtain loan from local banks/other financial institutes? We are certified, trustworthy,reliable, efficient, Fast and dynamic. I also..."

    By: Becky Ford at Aug 17, 2018 1:12PM

    Post: The secret to getting your loan approved

  • "Do you have a low credit score and you are finding it hard to obtain loan from local banks/other financial institutes? We are certified, trustworthy,reliable, efficient, Fast and dynamic. I also..."

    By: Becky Ford at Aug 17, 2018 1:12PM

    Post: 101 Ways to Save Money on Your Tax Legally

  • "Hi, My name is SUSAN and i just want to share my experience with everyone. I have being hearing about this blank ATM card for a while and i never really paid any interest to it because of my doubts..."

    By: susan at Aug 17, 2018 10:07AM

    Post: 101 Ways to Save Money on Your Tax Legally