Your engagement with our poll question around how much further adviser numbers will decline is the Riskinfo Story of the Week – and early results suggest many Riskinfo readers think there’s still some way to go before things start to turn around…
- 12,000 (22%)
- Below 10,000 (20%)
- 14,000 (15%)
- 13,000 (14%)
- 15,000 (8%)
- 10,000 (7%)
- Adviser numbers have already reached their low point (7%)
- 11,000 (6%)
Data released late last week by Adviser Ratings forms the basis for our latest poll, which asks you to predict the future when it comes to your peers.
According to the industry firm’s 2023 Landscape Report (see: Advice Profession’s Revival Showcased…), the profession’s numbers are now stabilising for the first time in five years, with just over 15,800 advisers now working in Australia.
We emphasise that the language refers to ‘stabilising’, which means it’s not unreasonable to suggest adviser numbers may continue to fall before they eventually rebound – and for the purpose of this poll, we do ask you to assume that adviser numbers will indeed rebound at some point after reaching their nadir.
When that low point is reached, and at what level it plateaus before the curve turns upwards is as problematic as predicting the high and low points of bull and bear markets and the peaks and troughs of property price cycles.
For most advisers and other industry colleagues participating in this poll, you will have lived and worked through a period of turmoil and uncertainty when it comes to the regulations imposed on an adviser’s ability to deliver meaningful financial advice to a consumer. Perhaps, after having personally experienced this evolutionary period for financial advice in Australia, your own experience will serve to inform your answer to this question.
We won’t know whether you’re right until adviser numbers commence their journey north – but in the meantime, cast your vote and we’ll report back next week…
