Search by:NameLocation
 
 

Media

In Brief: July Edition  

Do you have a good advice story?

Are you an adviser with a customer who'd like to tell their story how your advice helped them?

Are you a customer with a good story about how advice has added value to your life?

Tell us about it

Adviser Movement Slows

« back to media

1 February 2023 by Risk Info

Article link: https://riskinfo.com.au/news/2023/02/01/adviser-movement-slows/

While the industry is still a way from seeing growth in adviser numbers, the steepest declines appear to be behind it, according to Adviser Ratings’ Adviser Musical Chairs Report for Q4 2022.

The research firm says that adviser movement was minimal in the final quarter of the year, particularly compared with the same period in 2021.

It says that with 327 departures “…the quarter produced less than a sixth of the exits recorded in the corresponding quarter of the previous year.”

The report noted too that for the 2022 year, more than 1,500 advisers left the market, “…which again, is well shy of what we’ve seen in the past six years. It’s also less than a third of the departures we saw in 2021 – as advisers who had repeatedly failed the exam or were waiting out the final deadline exited.”

Adviser Ratings says that as the industry enters the new year, advisers tell them they continue to wrestle with how to best meet clients’ needs against the backdrop of general rising costs and compliance demands.

“The vast majority of advisers have told us they’ll be lifting their fees in the new year to reach or maintain profitability. While this is a business necessity for many, it also highlights the ongoing tension between advice affordability and practice survival.”

The report adds that as advisers prepare to lift their fees, they are also anticipating the landscape may change from a regulatory and compliance standpoint.

Other key findings in the report were:

4.4%: Amount the financial advice profession contracted by in 2022
451: Number of advisers who switched licensees in Q4, 2022
64.3%: Proportion of advisers operating under privately-owned licensees

Chart demonstrates the adviser movements by type across the past four years – 2019 to 2022. Courtesy of Adviser Ratings.

Comments

No comments added.

Add comment

Name

Email

Comments

Enter code:*

Refresh code

Add comment

« back to media

Adviser Ratings

For consumers

For advisers

 
  Join as an Adviser
 

While we may facilitate the review and introduction of Advisers, Customers of Adviser Ratings will be responsible for entering into their own agreement with Advisers introduced through our website. Adviser Ratings does not provide personal financial advice nor do we recommend or suggest a particular adviser is right for you. We provide information of a general nature and we do not take into consideration your personal objectives, financial situation or needs. Always consider whether the advice and information you are provided suits your needs. Adviser Ratings does not endorse, accept or adopt the Advisers on our site, the content of any profiles or the comments or discussion in any community forums. For further information about How We Rate Our Advisers, click here. Per quote in our video, refer KPMG research undertaken for Financial Services Council

Adviser Ratings Pty Ltd (ABN 18 154 273 640 ) (AR 466730 ) is a Corporate Authorised Representative of IPraxis Pty Ltd (ABN 39 114 365 007) the holder of Australian Financial Services Licence No. 329337. We are a Sydney based company located at - Level 22, Tower 3, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia

© 2021 Adviser Ratings Pty LtdTerms of Use | Privacy | Contact