[Weekly Wrap] Future of advice force
What the financial advice industry might look like in a few years' time has been a hot topic this week.
Friday, January 24th 2014, 1:21PM
by Susan Edmunds
A survey was released at the beginning of the week that found that more than 40% of American advisers were nearing retirement.
It was interesting, then, to hear from Triplejump's Cecilia Farrow that most of their new recruits are young, university graduates. She said the difference was that businesses that were part of a group such as hers, or with an aggregator, would have the resources to make them better able to bring on new, younger staff. Otherwise, the hurdles were too high for new entrants to the business who were expected to be able to pull in their own salary while still getting to grips with the industry and forming the invaluable relationships that would sustain them.
She told me she didn't think it would be easy to be a solo adviser these days.
But Mike Moore, who works with advisers buying and selling businesses, said it was his impression that more people might try to set up their own businesses this year, as economic conditions improved.
In other news, the expectation that interest rates will soon start to rise significantly has prompted suggestions that investment advisers' work might become a bit harder.
The OCR is the big news on the mortgage front, too. Whether or not the Reserve Bank will make a move next week, or just talk about it, was the topic of our latest survey of economists.
And in insurance, One Path increased its premiums and an international study found that minority groups want to see more diversity in the industry. AIA says it's already recognised that situation in New Zealand and is recruiting specifically for that reason.
| « Interest rates could be hard work for advisers | IFA working on pro-bono offering » |
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