The industry’s struggle to identify new talent is likely to continue, but the outflow of advisers has slowed considerably. And there are plans to source talent from other corners, according to the FAAA.
The merged association has added a new core driver to its strategic objectives for the next six years, with growing the profession now a top priority. But the inherent challenges, and past failures, are forcing the FAAA to try new ways of getting more advisers on the books.
Even when thousands more advisers left the industry in 2022, bringing the cohort down from 28,000 in 2018 to a total of around 17,000, there was still no shortage according to the government’s own skills commission.
The green shoots that emerged for adviser numbers in the back half of 2022 were no fluke, with provisional advisers leading an industry resurgence after five years of decline.
