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War for talent only just heating up: AR data

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2 February 2023 by Chris Dastoor

Article link: https://www.professionalplanner.com.au/2023/02/war-for-talent-only-just-heating-up-ar-data/

Almost 80 per cent of advice practices are aiming to grow their client base but will struggle to service the additional business as the market for advisers is getting more competitive according to Adviser Ratings.

Data from the researcher found 58 per cent of advice practices are purposely growing but after certain client types, while 22 per cent are re-actively growing and adding clients of any description.

AR econometrician Nicolas Peña Mc Gough tells Professional Planner this analysis was made based on surveys done last year ahead of the firm’s Advice Landscape report due in April.

“What we’re seeing from those numbers – a high number of practices want to grow in advisers but at the same time, we have a big number of advisers who are thinking of leaving the industry,” Peña Mc Gough says.

Compounding this issue is the 61.5 per cent of practices that want to add advisers, despite 22 per cent of planners citing they want to leave the industry.

Peña Mc Gough says the timeframe is over the medium to long term depending on legislative changes with the 1 January 2026 deadline to hold a tertiary qualification being a significant factor.

“Where are they going to get the new advisers from? Are they going to fight for them; are we going to see a surge in supply from somewhere?” Peña Mc Gough says.

New entrants are expected to be part of the competition for talent but only 586 provisional advisers have joined in 2021 and 2022.

Dance practice

The researcher released its latest Musical Chairs report this week which found almost two thirds of advisers (64.3 per cent) are operating under privately-owned licences, while the proportion of advisers under limited licences has shrunk to 1.1 per cent.

The report also highlighted the reduction of licensee switching that has happened compared to previous years, although the proportion has increased.

Last December AR released an update showing 93 per cent of planners intend to increase their fees next year.

Peña Mc Gough says further information on that data is expected when the Advice Landscape reported is released in a couple of months.

“We’re going to analyse this through the February and March period and publish the report in April,” Peña Mc Gough says.

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