CoreData recently released a White Paper called, "Fixing the Culture of Advice in Australia". It suggests the majority of financial advisers believe change is necessary in their industry, especially a change in fee structures.
Some interesting data in the paper:
- 53% of financial planners say FoFA reforms will have a negative impact on them
- 42% believe FoFA will be negative for their clients
- 60% say FoFA will be adverse for their business
- About 10% expect to leave the industry in the next 2 to 5 years.