People who care, working with people who care.

We recently surveyed our colleagues from the financial services industry to find out how they are handling the changes in our industry and what their plans are for the future.

What is very apparent from the responses below is that we are not alone – the vast majority of us are very concerned about our abilities to earn income in the future and, equally as important, to control our own destinies.

As you can see from the graphs and comments, many advisers are extremely worried about their futures and this is the very reason why AFAN was developed.

For the Government and our own industry bodies to simply say to us “get a degree or get out!” is, in our opinion, simply unacceptable.

The really alarming statistic to us at AFAN is the suicide rate in our industry, but we understand why people make drastic decisions when they are backed into a corner.

We hope that asking these questions and sharing them with you will help you feel like you are not alone either:


Q1: Which services you currently offer to your clients:

services data

Q2: How many years have you been in the financial services industry?

years in

Q3: What are your plans for the next 2 years relating to FASEA and your business?


Comments answering the question "What are your plans..."

I have been forced to sell my business back at less value than what I purchased it for ... I am then forced out of the industry for a 3 year period - unlikely that I will want to go back into financial planning after that time. Totally disillusioned sadly!!

I'd like to stay a Financial Adviser but the thought of exams just makes me sick. I don't think I am capable of running a business and studying for an exam.

To simply try and pass the exam. If I succeed, I will carry on until the day before the Uni qualifications kick in! If I fail the exam, I guess I will exit on the best terms available.

Q4: Describe the greatest business challenges you currently face:

Your answers:

Compliance, government changes that make no sense.

Having to exit because I don't have a Degree having commenced in Sept 1975.

Running a business, looking after my clients, managing the ever changing compliance requirements and study!

The significant level of compliance that doesn't achieve a better outcome for clients. The significant cost increase means we are having to let go the clients that most need advice. Slow clap for the lawyers and politicians.

demands from licensee/govt on education and compliance requirements. Being able to deliver advice efficiently and profitably

rising costs of running small business with small trail book educational requirements

Balancing business growth and keeping a positive mindset whilst meeting increasing compliance requirements

Over regulation, new education requirements with time in the industry not taken into account. Administration time and cost, the reduction in commission on risk business. We need an extension in the time frame to do the FASEA exam and the degree.

Q5: Ideally, what will your business look like in 5 years?

5 years
5 years data

I wont be studying and hope I can merge with the right person around year 4-5 and continue on in some type of role that probably hasnt been invented yet

4 day working week, profitable, lifestyle met, and all processes streamlined. Providing advice to 150 engaged clients.

Q6: What are the TOP 3 most important considerations for your future?

top 3
top 3 data

Q7: How important is it for you to continue to add value & share your knowledge?

add value

Q8: How important is it for you to remain in this industry and exit when you choose?

exit when you want

Attend our aged care education event

If you are considering aged care options for a family member and would like more information from the experts, we are holding an education event with an accredited Aged Care Specialist.