From adviser migration to licensee satisfaction, BoJo and Trump to foxes and oxen, 2019 had highs and lows that through the highs and lows of a year in the industry that will long be remembered.
CoreData’s head of market insight, Simon Hoyle, looks at 2019 through the lens of a data aficionado and comes up with the ten charts that tell the story of the year in wealth management, superannuation and investment.
From adviser migration to licensee satisfaction, BoJo and Trump to foxes and oxen, Hoyle takes us through the highs and lows of a year in the industry that will long be remembered.
1. Industry fallout
New education, professional and ethical standards were widely tipped to be a factor behind advisers leaving the industry. So the logic went, a cohort of advisers would find the task of upgrading qualifications unpalatable, impossible or impractical. A benchmark of sorts exists in the UK, where an estimated 20 per cent of advisers left the industry after the Retail Distribution (RDR) regulatory overhaul. CoreData’s analysis of the Australian Securities and Investments Commission’s financial adviser register suggests that in 2019 about 15 per cent of advisers – that’s around 4200 individuals, a rate of around 350 a month – have left the industry. We believe this trend is likely to continue into 2020.
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