The 50 most influential financial advisers in Australia for 2020 have been named by financial services trade publication, Financial Standard, in its annual FS Power50 guide.
The list, comprising of 31 men and 19 women, are a diverse group of professionals nominated by readers of the Financial Standard for their unique efforts to create a blueprint for the future of financial advice.
“The Power50 exemplify the best aspects of the advice industry and how it is set to change. Some are influencing the advice industry, be it through regulatory bodies or peer groups, others are influencing the delivery of advice and the client experience through technology and innovative business models.”
And others are leveraging their role as an adviser to make a meaningful difference in their community or communities abroad,” Jamie Williamson, editor of Financial Standard, said.
“To make it on to this list is no mean feat and all that are featured should be proud of their achievement.”
The purpose of the guide is to raise awareness, in the eyes of the Australian public and the advice industry itself, for the advisers who are playing a key role in shaping the future of financial advice.
Financial advisers have managed to deliver value of 5.2% or more each year to clients, according to new research from Russell Investments.
Furthermore, twice as many Australians are seeking financial advice as they were five years ago, according to research from Investment Trends.
“Highlighting the talent within the advice industry is more important than ever in an environment where trust in the sector remains low despite the growing need for quality advice,” Williamson said.
“The FS Power50 badge is synonymous with the best the industry has to offer.”
Nominations for the list are sourced from the Financial Standard audience, as well as the Financial Standard editorial team.
A shortlist is selected by Financial Standard before industry voting begins. This year hundreds of nominations were considered and almost 6000 votes determined the final list.
Both the Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) screened the list before it was published.
2020 saw plenty of change in the list of the most influential advisers, with 23 advisers appearing in the FS Power50 for the first time.
Similarly, the movement within the advice industry was reflected in the FS Power50, with 32% of this year’s list belonging to an advice group with more than 100 advisers, down 22% in two years.
This aligns with the trend of advisers moving away from larger, institutional groups, into non-aligned groups, with the number of institutionally aligned advisers falling by 25% in the year to June 2020, according to Rainmaker Information.
“At a time when so much focus is on the impact of industry change and diminishing adviser numbers, Financial Standard is proud to showcase excellence in advice and celebrate just how bright the future of advice is,” Williamson said.
“Congratulations to the 2020 FS Power50.”