Why 500+ advisers have self-licensed

Alex Burke,  Senior Writer,  No More Practice Education

The financial services industry will forever be changed by the Royal Commission and advisers are adjusting their thinking for this new world. In this, the first of a two-part series we will be releasing to help support advisers in making the best licensing decisions for themselves and their clients we look at why some advisers have chosen the self-licensed path. Next week we look at the pros and cons of other pathways.

 

If Dover’s collapse has brought anything into stark relief for the advice industry, it’s the flaws in Australia’s licensing regime – fortunately, going your own way is easier than ever.

Paul Tynan, who runs advice M&A firm Connect Financial Service Brokers, describes the Dover fallout – that is, $4 billion in stranded client money and over 400 advisers looking for a new licensee – as “one of the most stupid things I have seen in my 40 years in this

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