{"id":64274,"date":"2023-02-01T07:29:22","date_gmt":"2023-01-31T20:29:22","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=64274"},"modified":"2023-02-01T07:34:09","modified_gmt":"2023-01-31T20:34:09","slug":"adviser-movement-slows","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/02\/01\/adviser-movement-slows\/","title":{"rendered":"Adviser Movement Slows"},"content":{"rendered":"

While the industry is still a way from seeing growth in adviser numbers, the steepest declines appear to be behind it, according to Adviser Ratings\u2019<\/a> Adviser Musical Chairs Report<\/em> for Q4 2022.<\/p>\n

The research firm says that adviser movement was minimal in the final quarter of the year, particularly compared with the same period in 2021.<\/p>\n

It says that\u00a0 with 327 departures \u201c\u2026the quarter produced less than a sixth of the exits recorded in the corresponding quarter of the previous year.”<\/p>\n

The report noted too that for the 2022 year, more than 1,500 advisers left the market, \u201c\u2026which again, is well shy of what we\u2019ve seen in the past six years. It\u2019s also less than a third of the departures we saw in 2021 \u2013 as advisers who had repeatedly failed the exam or were waiting out the final deadline exited.\u201d<\/p>\n

Adviser Ratings says that as the industry enters the new year, advisers tell them they continue to wrestle with how to best meet clients\u2019 needs against the backdrop of general rising costs and compliance demands.<\/p>\n

…the vast majority of advisers have told us they\u2019ll be lifting their fees in the new year…<\/p><\/blockquote>\n

\u201cThe vast majority of advisers have told us they\u2019ll be lifting their fees in the new year to reach or maintain profitability. While this is a business necessity for many, it also highlights the ongoing tension between advice affordability and practice survival.\u201d<\/p>\n

The report adds that as advisers prepare to lift their fees, they are also anticipating the landscape may change from a regulatory and compliance standpoint.<\/p>\n

Other key findings in the report were:<\/p>\n