{"id":39672,"date":"2018-01-30T18:55:45","date_gmt":"2018-01-30T07:55:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=39672"},"modified":"2018-01-30T22:32:41","modified_gmt":"2018-01-30T11:32:41","slug":"older-advisers-need-to-act-on-exit-plans","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/01\/30\/older-advisers-need-to-act-on-exit-plans\/","title":{"rendered":"Older Advisers Need to Act on Exit Plans"},"content":{"rendered":"<p>Baby Boomer financial advisers looking to leave the sector may be forced out under unfavourable terms unless they make timely decisions about their immediate future, an industry business consultant has claimed.<!--more--><\/p>\n<figure id=\"attachment_37721\" aria-describedby=\"caption-attachment-37721\" style=\"width: 145px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Paul-Tynan.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-37721\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Paul-Tynan.jpg\" alt=\"\" width=\"145\" height=\"184\" \/><\/a><figcaption id=\"caption-attachment-37721\" class=\"wp-caption-text\">Connect Financial Service Brokers CEO, Paul Tynan<\/figcaption><\/figure>\n<p><a href=\"http:\/\/www.connectfsb.com.au\/\" target=\"_blank\" rel=\"noopener\">Connect Financial Service Brokers<\/a> Chief Executive, <strong>Paul Tynan<\/strong> said some older financial advisers were failing to understand that as time moved on they were less well-placed to exit under their own terms and could be forced out as a result of external forces.<\/p>\n<p>\u201cBaby Boomer planners are faced with regulatory and educational changes which are only going to increase as technology continues to disrupt traditional business models,\u201d Tynan said.<\/p>\n<p>\u201cEducation standards, industry and professional accreditation exams and requirements are here to stay and if a course of action is not taken whilst time is on their side, these planners will find the exit strategy being made for them\u201d, he added.<\/p>\n<h6>\u201cEducation standards, industry and professional accreditation exams and requirements are here to stay&#8230;&#8221;<\/h6>\n<p>Tynan said these changes were altering the way new advisers were entering the profession and mature age advisers could not wait for a return to pre-GFC times and values.<\/p>\n<p>\u201cNew era business models and an increase in education debt is going to make newly qualified financial planners very selective when choosing their first employment role\u201d, said Paul Tynan.<\/p>\n<p>\u201cMany newly qualified planners and will choose a salaried position with an institution over a more entrepreneurial consultant role in order to pay down their debt.\u00a0Acquisition of an existing practice and associated financial commitment is definitely not on the cards,\u201d he added.<\/p>\n<p>As a result of this shift, Tynan said older advisers need to consider how they can make decisions on their own terms but warned that the time to do so was short.<\/p>\n<p>\u201cThe best decisions are always made on the individual\u2019s terms and not by letting government, associations or licensee dictate the choice as there are greater forces that will affect the financial services industry in play.\u00a0 These will impact everyone\u2019s future employment and career journey,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Baby Boomer financial advisers looking to leave the sector may be forced out under unfavourable terms unless they make timely decisions about their immediate future, an industry business consultant has claimed.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,5],"tags":[],"class_list":{"0":"post-39672","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general","7":"category-services"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=39672"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39672\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=39672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=39672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=39672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}