A recent survey shows that there is a decline of financial advisors in South Africa
The survey was conducted by Astute Financial Services.
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December 29 - According to recent survey run by Astute Financial Services
Exchange, the number of financial advisors in the industry has dropped
significantly this year.
The results of the survey show that the number of financial advisors in the
life insurance and investment industry dropped 17% in the past year.
This translated into a reduction of over 1400 people.
"This is an alarming trend," said the Managing Director of Astute, Biddie
Biddulph, "especially since most of those leaving the industry are experienced
advisors whose knowledge and skills will be sorely missed."
"More encouraging," continued Biddulph," however, has been the emergence of
younger blood among financial advisors - a trend that should contribute to
renewal in the financial services industry."
On home ground, Astute said that its own user base had actually grown by 1%
to 18,000 professional advisors and administrative employees across South Africa
and Namibia.
"We've significantly expanded our service offering and can now assimilate
information online from companies offering life insurance, disability and
investment products," said Biddulph.
"Advisors had been quick to exploit the efficiency benefits of our system as
a one stop provider of financial product information," he continued.
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