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In Brief: July Edition  

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Why efficiency is key in a changing adviser landscape

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8 July by Financial Newswire

Article link: https://financialnewswire.com.au/financial-planning/why-efficiency-is-key-in-a-changing-adviser-landscape/

The number of advice practices in Australia has dropped 8% since 2021, to 6,105. However, this consolidation is essential to diffusing regulatory costs and helping businesses to become more efficient in how they operate. As with any modern business revolution, technology is the key ingredient, enhancing everything from outsourcing to cashflow management.

The typical Australian adviser is now managing more clients than they had previously, because so many of their industry counterparts have left the industry over the past few years. The average number of clients per adviser is up to 97, compared to 91 in 2022. Again, embracing technology is helping advisers to effectively serve more clients. In the future, this will become even more important because client demand is expected to accelerate, as more Baby Boomers move into retirement and look for advice.


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