Adviser Ratings Research undertook a landmark survey of the Australian Financial Advice Landscape. Over 1,100 advisers across the country responded with unique insights into their businesses, buying behaviours, and customer demographics and the resulting report will offer one of the most comprehensive industry studies available.
Every adviser who participated in the survey will receive a snapshot unique to their own geographic footprint, with information gathered from all 107 ABS SA4 regions Australia wide.
The infographic below is an amalgamation of some of the detailed survey results, which features the "Adelaide - Central and Hills" region.
The survey offered up some useful insights into the demographics of advisers' customers, in relation to age, life-stage and proportion of SMSF trustees amongst them. For example, with many advisers seeking to exit the industry, transitioning older clients to younger advisers is a red flag for retention.
Other key points include:
- The mass migration of advisers out of the institutionally owned and aligned space is picking up pace, even to the extent a material proportion of new advisers are favouring the non-aligned space as their entry point to the industry.
- However, within the non-aligned space, advisers are not necessarily settled with still significant rotation going on amongst practices and licensees.
- Independent investment platforms continue to impress advisers with overall quality and service levels at the expense of the incumbent players.
- With strongly negative net promoter scores, the major financial planning software vendors are vulnerable to fast-moving new entrants.
The final comprehensive report on the survey will be on sale at end of May 2018. Those interested in obtaining a full copy of the report should direct enquiries to Adviser Ratings CEO Wealth, Mark Hoven on 0413 614 640 or email firstname.lastname@example.org