Advice industry needs new strategies to stop planners leaving

On this week's ifa Show podcast, David Carney – CEO of local outsourcing company Virtual Business Partners – joins host Neil Griffiths. On this episode, David and Neil discuss the declining number of advisers in Australia, which is predicted to reach 13,000 by the end of 2023. David shares his thoughts on the matter and what the industry can be doing to not only curb the trend, but also attract new entrants. "We definitely have some challenges within the education sectors to promote people taking up the courses and that's obviously something that we need to look at as an industry…" he said. "But I think the consolidation is, certainly, for the independent firms that we deal with, is actually a great opportunity. "And we're just seeing a marketplace…where a lot of the foundation people that started businesses are reaching retirement age, et cetera. It's consolidation before the next probably phase of growth, but lots of opportunity for those that stick in the industry." The ifa Show is brought to you by Sharesight