Rubbish. While you may not like most other advisers (and I generally don't think overly much of their technical abilities I must admit), it is still a gross exaggeration that only 50% are professionals - qualifications generally have absolutely zero to do with professional conduct, look at the legal profession as a prime example.
I would say that at least 80% genuinely care for their clients and do what would be expected of any other profession, and without being forced to, naturally follow BID well within the commercial realm. There are still cowboys and shysters out there, however there is no feasible way of legislating against that; all professions and walks of life have them, it's unfortunately the worst part of human nature.
I think Stupi, that you will find the comments here illustrate the collective frustration built up over years of the perceivable bias ASIC have in all dealings with our profession, particularly since they were publicly roasted following the GFC and Storm/CFS Margin Lending fiascos:
ASIC's purposely misleading 'reports' with twisted statistics, their predilection for calling any shyster who gave erroneous advice 'an adviser' or worse,"a financial planner' even if that person isn't qualified or licensed, their inconsistencies of handling known issues depending on whether you work for ISA or are an IFP, and last but not least the ever increasing burden of excessive compliance making commercial operation a matter of how high you can charge your fees and the net worth of clients who can handle those higher fees.
Not all planners want to be the superstore glass & chrome ivory tower type, a large number are quite happy running the mum & dad small neighbourhood corner shop variety - but that choice is being ripped out of their hands.
Based on all the above, as is ASIC's design, it is inevitable that you will get your wish and only 50% of us will remain; however it remains to be seen if the 'profession' will be better off by it, or a high fee environment simply attracts more of the 'well educated' shysters.
In order to give you the best site experience, we need to know what kind of investor you are. Please select the title that best describes you below.
Financial Advisers - Investment
Financial Advisers - SMSFs
Individual Investors with SMSFs
Financial Advisers - Insurance
Accountants and Solicitors
Financial Services Professional