Are Privately-Owned Financial Planning Practices Transitioning to Fully Independent Advice Providers?

In Australia, there are over 20,0000 financial advisers, with only 130 registered as independent financial advisers. This study investigates why there has been no significant transition to independent advising. The importance of the study is underlined by the substantial losses suffered by thousands of consumers from advice that has been found to be influenced by conflicts of interest. The study undertakes a qualitative approach by conducting fifty-one personal interviews using semi-structured interview questions. The study finds that over 90% of privately-owned advisers will not be transitioning to independent advising due to the belief that clients will not pay fees for insurance advice.