The average revenue per client for financial advisers is $3852, an increase of eight per cent since 2020, while the number of clients per adviser sits at 141, according to the latest Business Health ‘By The Numbers’ report.

The report, developed in conjunction with the Financial Advice Association Australia, also found salaries take up almost half of practices’ revenue (44.9 per cent) but finding the right people continues to be a challenge.

Competition for talent remains stiff and two-thirds of practice owners indicate they will be looking to hire in the coming 12 months.

Client satisfaction ratings have remained at the same high level over the past few years, at 4.3/5.

The number of support staff per adviser has risen from 1:1 in 2020 to 1.5 per adviser in the most recent report, suggesting a shift in responsibilities and roles within practices.