Botica busts industry myths

At the FSC: Get in Shape conference. The FMA director of market engagement, John Botica became a momentary mythbuster when sharing new data which contradicted long-standing myths of the adviser industry.

Botica began his address by sharing FMA stats that bode well for an industry on the cusp of major regulation change. Speaking on Tuesday Botica said that “As of today there are over 2200 businesses that are license ready. There are more than 9600 advisers working for those businesses.”

But it was when Botica turned his attention to mythbusting that the data got interesting.

“There are two or three industry myths that I want to bust. The first one is around the myth of the aging adviser. You might be surprised with the statistics. 60 percent of today’s advisers are aged under 50. 30 percent  are between 51 and 65. 7 percent are over 65. Interestingly 3500 advisers are aged under 40.”