For many financial advisers sheer survival will be enough reward in what will continue to be a tough year. But for the elite professionals in this year’s Top 100 Financial Advisers list, 2020 could mark a new beginning.
In short, the sector is shell-shocked. In fact, it is shrinking as some financial institutions give up on the now maligned notion of vertical integration under which a company can create financial products, then sell those same products. The end result is a generation leaving the industry in the face of higher standards and an unavoidable one-size-fits-all national exam that every adviser in Australia must pass.