December quarter has been one for external factors creating more confidence in the sector such as the management of COVID, the Biden victory and the proposed elimination of FASEA.
The data is showing a significant slowdown of advisers not only leaving the industry but also changing licensees. We have seen an increase of 16% in the average fees charged by advisers, growth in demand for advice is one-factor others, of course, being rising costs and then advisers perhaps being more discerning with their client base. Knowing their value as advisers in an industry whose services are becoming rarer and then charging accordingly.
Another thing of note is grandfathered commissions finally coming to an end 31 December 2020