Advice industry will ‘turn the corner’ to attract new entrants in 2022

In a new opinion piece published on ifa, Synchron director Don Trapnell said the industry will “start to turn the corner” this year due to a few reasons, despite adviser numbers recently tipped to drop to 15,000.

“First of all, financial advice is regaining community respect,” Mr Trapnell wrote.

“The public and the press are recognising the value that advisers deliver, especially in times of trouble, such as the past two years of the COVID-19 pandemic. We are therefore again becoming an industry people want to join.”

Mr Trapnell also noted government’s consultation with the industry on different issues, including the release of the Education Standards for Financial Advisers policy paper last month.

“This is a great idea because while I do think some people consider studying for a career in banking and finance when they finish their VCE or HSC, I still don’t think many 18-year-olds wake up and say, ‘I think I’ll become a financial adviser,’” he wrote.

“It’s a career that often develops after people have had experience in, and qualified for, another usually related, field. If the fields of study were broadened, it might make the educational transition for these people a little easier.”

Read the full opinion piece here.

It comes after The Advisers Association (TAA) chief executive Neil Macdonald said the advice industry has reason to be “optimistic” ahead of this year’s federal election on the latest episode of the ifa Show.

“I’m optimistic, particularly because I think there is a recognition on both sides of the government that there needs to be changes, and the pendulum’s probably swung a little bit too far,” Mr Macdonald said.

“I think they’re looking for the associations and advisers to give them some constructive feedback on what needs to change and how.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.