Most interest this week was directed to our report on a finding in Adviser Rating’s latest Landscape Report, which revealed a change in the average number of clients served by advisers…
Several years of industry departures have resulted in the profession’s remaining advisers taking on a higher volume of clients, according to Adviser Ratings latest Landscape Report.
The report says this has played out again in 2022 “…with the average adviser now serving 91 clients – eight more than they saw in 2020.”
A table within the report highlights the average number of clients per adviser by State over the past five years.
The report adds that advisers are still taking on more ‘one-off’ clients than they were a couple of years ago, adding “…sometimes, these clients are seeking piecemeal advice, while other times they’re testing the waters.”
It states that the higher client load means advisers have to become more efficient in their operations.
“Often, this means turning to technology or outsourcing to reduce their administration burden and allow them to spend more time with clients face-to-face.”
…for many advisers the reality of a higher client load is simply more hours in the office…
However it says that for many advisers “… the reality of a higher client load is simply more hours in the office. Of course, this comes at the cost of time with family and leisure.”
Eighteen months ago, the firm reported on a study from Dr Adam Fraser, Deakin University and AIA, which showed three-quarters of advisers were facing burnout. Since that study was published, the workforce has lost an additional 5,000 advisers.
Adviser Ratings says this means those who remain in the industry “…are fielding constant inquiries and referrals, but usually having to say no to new business.”
Click here to see the full Adviser Ratings Report.
