50% more advisers this year: Claim
Clayton Coplestone, who promotes fund managers through his firm, Heathcote Investment Partners, has predicted that there could be 3000 AFAs in New Zealand by the end of the year.
There are currently just fewer than 2000 AFAs, so their number would have to increase by 50% in only a year for his prediction to come to pass.
“My perspective is that pre-regulation there were arguably 7000 people out there claiming to be financial advisers. Regulation scared a lot of them off; some retired and some went to QFEs,” he said.
Coplestone said a continued improvement in market conditions would likely prompt a number of advisers operating under the safety of QFEs to strike out on their own as AFAs.
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