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Big adviser drop-off foreshadowed in new poll
A large proportion of the SMSF professionals impacted by incoming mandatory standards have indicated they intend to exit the advice space in a recent straw poll.
A straw poll run by SMSF Adviser, with 533 respondents, shows that a significant portion of the SMSF industry will be affected by the incoming standards set by the Financial Adviser Standards and Ethics Authority, with around three-quarters of the respondents stating that will be directly impacted.
Of the respondents impacted by the measures, around a third or 35.2 per cent, stated they plan to undertake the educational requirements needed to meet the new measures and continue giving advice.
Another third or 30 per cent plan to retire by the year 2024 when the standards are set to kick in for existing advisers.
Around 17 per cent plan to simply stop giving advice, which most likely comprises accountants that are currently providing advice as authorised representatives or under their own licence.
There is also a significant portion or 18 per cent that plan to remain in their business but will stop giving advice directly to clients from 2024 onwards.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
From 1994 to 2007 SMSF advising was hard-core. Great opportunities, challenging laws like RBLs and great strategies. A great band of SMSF Strategists created great advice businesses. Tough but rewarding. With tax-free super, strategies were gone. As commissions wound down a replacement for ongoing trail with asset management fees for SMSFs became the norm. Too easy but things are going back. TBARs estate planning and NALI have brought the fun and opportunity back. Those who want easy will drift away leaving the Strategists looking after $1,000 billion by 2024.0- Not surprising. I am looking at diversifying into other areas with an eventual transition away from advice. The new rules do not make sense for long term existing advisers.0
- Over Complicated and Super Arrogant O'Dwyer and her FASEA buffoons at their moronic best.
These people need an Ethics course :roll:0
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