How many advisers have left the industry?
Getting an accurate view of how many advisers have left the sector is not easy.
The old register of financial advisers was pretty poor – many people and entities were listed on the register but not quickly removed when they ceased to be advisers, therefore the list was huge compared to the number of advisers we expect were actually practicing.
Poor data drove us to hunt for other proxies for the number of active advisers, such as the number of people studying Level Five papers.
But many people study Level Five that have no intention of giving advice. Several of my staff have it, or are in the process of studying for it, because it is a good basis for the work they do in research.
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