Among the standout findings from Coredata's 2021 Licensee Research is that advisers at 'top tier' licensees are around 40 per cent less satisfied with their licensee leaders than those at 'medium' and 'large' licensees.
The future of the licensee model is as a flexible service provider with access to technology and capital able to partner with advice practices at different stages of their professional lifecycles in addition to offering licensing, Easton's new MD Nathan Jacobson says.
Only 4 of the 19 Bridges and RI Advice files identified by ASIC as being “potentially detrimental to clients” came after IOOF ascribed 100 per cent of its advisers to ASIC’s 515 standard, the wealth group says.
IOOF has committed to taking remedial action against its Bridges and RI Advice licensees after ASIC found that 15 per cent and 17 per cent (respectively) of their client files "contained indications of some potential client detriment".
The regulator’s FAR has the potential to be a central source of truth about adviser qualifications, the FASEA exam and membership association, but formatting flaws and missing information are confounding users.
Overall satisfaction with licensee support rebounded in 2020, after taking a big dip in 2019. It hasn’t returned to levels we saw in 2018, but it’s on its way – and the 2021 Licensee Research will show us where the number settles this year, Simon Hoyle writes.
As acquisitive firms like CountPlus and AZ NGA – plus a bulging middle sector – build their networks, advisers with anything under $1 million in revenue are being forced to decide whether mergers and "bolt-ons" are inevitable.