Wayne Gretzky, the former professional Canadian ice hockey player often referred to as hockey’s GOAT (greatest of all time), famously attributed his success to his ability to “Skate to where the puck is going to be, not where it has been”.

While Gretzky’s 1982 quote has become an overused corporate cliché, it is still relevant today, particularly in the context of professional financial advice.

Advice businesses, including licensees, need to look to the future and ask, where to next?

After decades of regulatory and structural change, the advice profession is budding.

It will bloom in the next three to five years.

From a cottage industry with many sole practitioners operating from their lounge rooms and garages, modern advisory firms are well structured, well run operations.

Many offer a broad range of services.

And they’re getting larger.

For example, in 2016, the average business inside Fortnum had 1.2 advisers and $750,000 in annual revenue. Today, it’s 2.5 advisers and over $1.2 million in revenue.

Our larger businesses have 15+ advisers and revenues approaching $10 million.