Industry Analysis & Industry Trends
The Financial Planning and Investment Advice industry is on the cusp of fundamental change. Future of Financial Advice (FOFA) legislation has plagued the industry with uncertainty. Following a swathe of advisory firm disasters, the government has announced an overhaul of the industry, addressing issues of conflicts of interest, transparency and client's best interest. The industry initially fought the impending new regulation, but has now largely accepted the changes. A number of the larger dealer groups have already moved towards a fee-for-service based remuneration model, while distancing themselves from commissions.
The industry is entering this new era having barely recovered from the global financial crisis. The value of assets under advice fell as sharemarkets plunged... purchase to read more
Industry Report - Industry Locations Chapter
In general, financial planning and investment advice establishments around Australia are expected to be located near major business and financial hubs, areas of high population density and areas with a high level of household disposable income. The head offices of investment advice firms are primarily major banks, insurance offices and investment managers located in Sydney and Melbourne, but these offices support dealer groups located nationally.
New South Wales is believed to have the highest number of financial planners in Australia. This can be attributed to the head offices of many advisory firms being located in Australia's financial hub (Sydney), and the population and disposable income attributed to this state... purchase to read more