Risk People Update

Women in Finance Awards 2022 - finalists revealed

Women in the financial services industry are going head to head in the Women in Finance Awards for 2022, with over 600 submissions and 249 finalists. The winners will be announced on November 3 at The Star in Sydney. The Awards compete across 24 individual awards, with 27 companies in the running for five group award categories.

CALI welcomes first CEO

The Council of Australian Life Insurers (CALI) has appointed Christine Cupitt as its very first chief executive, from January 2023. Cupitt moves into the role from the Australian Banking Association (ABA).

Adviser numbers dropped dramatically since 2019, research shows

Rainmaker information shows that Australian financial adviser numbers have dropped from 26,500 in 2019 to just 16,671. When all advisers were required to be on the Australian Securities and Investments (ASIC) Financial Adviser Register (FAR) by 1 January 2019, numbers dropped after an increase between 2015 and 2019 of 8,500 advisers.

The drop in adviser numbers equates to nearly 40 per cent. While adviser numbers continue to drop, there are likely to be around 12,000 advisers in 20 years, with other modelling suggesting there will be just 6,000 advisers practising in June 2042.

AMP has seen a huge exodus of advisers, losing nearly 1,500 advisers after the royal commission report was published. There are now just 998 advisers with AMP., says research from Wealth Data. AMP says this is due to the trend of self-licensing.