40% of life/risk advisers considering exit
More than 40 per cent of life/risk advisers feel they are unlikely to want to remain in the sector if the key recommendations of the Trowbridge Report are implemented.
That is the bottom line of a survey conducted by Money Management during a webinar involving the author of the Trowbridge Report, John Trowbridge, Association of Financial Advisers president, Deborah Kent, and Bomborah Advice managing director, Wayne Handley.
With more than 340 people participating in the webinar, advisers were specifically asked; "If the Trowbridge recommendations were implemented as is, do you believe you could continue as an adviser?
Responding to the question, 40.7 per cent of people said no, a further 35.3 per cent said they were unsure and 24 per cent said they believed they would be continuing as an adviser.
Another survey question asked during the webinar whether client churn was a genuine problem, with 52.7 per cent of respondents agreeing it was a problem while 39.3 per cent disagreeing with the proposition and eight per cent saying they did not know.
Both the Association of Financial Advisers (AFA) and the Financial Services Council (FSC) used a Money Management thought leadership breakfast yesterday to signal that the Trowbridge Report represented a starting point for further discussion of life/risk remuneration issues.
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