Big adviser drop-off foreshadowed in new poll
A large proportion of the SMSF professionals impacted by incoming mandatory standards have indicated they intend to exit the advice space in a recent straw poll.
A straw poll run by SMSF Adviser, with 533 respondents, shows that a significant portion of the SMSF industry will be affected by the incoming standards set by the Financial Adviser Standards and Ethics Authority, with around three-quarters of the respondents stating that will be directly impacted.
Of the respondents impacted by the measures, around a third or 35.2 per cent, stated they plan to undertake the educational requirements needed to meet the new measures and continue giving advice.
Another third or 30 per cent plan to retire by the year 2024 when the standards are set to kick in for existing advisers.
Around 17 per cent plan to simply stop giving advice, which most likely comprises accountants that are currently providing advice as authorised representatives or under their own licence.
There is also a significant portion or 18 per cent that plan to remain in their business but will stop giving advice directly to clients from 2024 onwards.