Not necessarily. While the big players have caused most of the issues in the industry (smaller IFAs still have problems), the regulatory changes will be blanketed across the whole industry. As a result everyone is worse off in most cases.
The cost of compliance continues to head north. New annual adviser ASIC levies, increased education requirements (which I am all for), a qualification exam (which I am for) and CPD requirements.
In order to be able to give tax advice, you now also need to be a member of the tax practitioners board at a cost. In order to qualify, in most cases you need to be a member of a professional association (AFA/FPA) at an annual additional cost.
I expect 50% of the current advisers in the industry will be no longer come 2024.
IFL Price at posting:
$5.01 Sentiment: None Disclosure: Not Held
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