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Salaries taking up almost half of advice firm revenues

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11 March 2024 by Laura Dew, Money Management

Article link: https://www.moneymanagement.com.au/news/financial-planning/salaries-taking-almost-half-advice-firm-revenues

Advice practices say practice profitability is strong, but staff salaries are taking up almost half of their revenue as the battle for talent heats up.

The latest By the Numbers report from Business Health, in association with the Financial Advice Association Australia, surveyed over 300 advice practices and found the shortage of advisers following an earlier adviser exodus, combined with only a small number of new entrants, has left the remaining advisers in a strong position regarding remuneration.

According to Adviser Ratings, some 264 advisers departed the sector in the final quarter of 2023 while there were 78 new entrants. 


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