Adviser numbers could drop 50%: Moore
Marketing expert Mike Moore, who helps advisers to buy and sell books of business, said about half the advice industry would decide they could not be bothered with the new rules being introduced by the Financial Services Legislation Amendment Bill.
In the short-term they might go to work under the care of another provider with a licence, he said, but that would not be a long-term solution.
“It’s a bigger issue than we are giving it credit for.”
He said all the focus had been on the benefits to clients that would come out of a higher-skilled workforce.
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