Half of all advice practices are either considering changing licensees in the next twelve months, or have already done so in the past year.
Responding to our latest poll, 41% of advisers say they are looking to change in the coming year, while 8% said they have already changed.
Less than half (43%) of our poll respondents say they have no intention of moving to a new licensee in the next 12 months, while 8% are undecided.
This result indicates significant activity amongst the adviser community as it positions itself for the post Future of Financial Advice (FoFA) reform era.
During this time of transition, feedback from licensees to riskinfo indicates a number of smaller advice practices are seeking security in moving to larger dealerships that can offer economies of scale when it comes to managing the additional costs that are perceived will accompany the implementation of FoFA reform requirements.
But there are also advice firms who appear to be looking in the other direction. These practices believe they may be able to differentiate their offering by delivering what they see as a more tailored and/or personalised client solution compared with what some advisers perceive as a ‘cookie cutter’ model being adopted by some of the larger advice firms.
This transition period is also being impacted by heightened recruitment activity amongst a number of the major institution-owned licensees, due in part to institutional consolidation. Advisers have related to riskinfo there are a number of attractive packages being offered to them at the moment to shift their business, but that there are also some equally attractive counter offers on the table to remain with their current licensee.
Our poll remains open for you to ad your vote to the hundreds we have already received and to share your comments on your own future intentions…
