Advisers from NAB Financial Planning are more likely than their industry peers to switch licensees over the next year, with about a third considering a future elsewhere.
According to research conducted by CoreData on adviser satisfaction with their licensee, financial advisers at NAB FP were the most likely of 19 licensees surveyed (3.6 out of 10) to say they will switch licensees in the next 12 months.
This places them well ahead of the average, with 23.3 per cent saying they are likely to switch in the next 12 months.
Commonwealth Bank of Australia (CBA) licensees also fared badly with Bankwest Financial Advice (3.4) and Commonwealth Financial Planning (3.0) having relatively high average scores for likelihood of advisers switching licensees.
Financial Wisdom (1.6), AMP Financial Planning (1.0) and Fortnum (0.3) fared best with their advisers indicating they are less likely to change licensees.
Source: CoreData
Where will they go?
In both the short and long term, setting up their own AFSL is by far the most popular option for advisers looking to leave, with 14.3 per cent responding that they’d like to do this in the next 12 months, and 17.6 per cent wanting to do this over the next five years.
AMP fared well as a potential destination for those looking to switch to another licensee in the next year with AMP FP (4.8 per cent) and Genesys (4.8 per cent) amongst the leaders.
Over the longer term of five years, AMP FP (7.1 per cent) is also the most likely to benefit, followed by ANZ FP (5.9 per cent) and Financial Wisdom (4.7 per cent).
Show me the money
Close to two in three (62.5 per cent) of all advisers surveyed said that they would consider joining a licensee if the remuneration was more attractive, making this the biggest switching trigger in 2013.
Product independence, the top switching trigger in 2012, slipped to be the second most popular switching trigger.
Compliance support is also an important trigger, with half of advisers saying they would be more inclined to join a licensee that provided good compliance support, followed by technical services and education and training.
Overall rankings in the 2013 CoreData Licensee of the Year
Source: CoreData
