Financial advisers should be in a different mindset as 2022 has kicked off as there are a lot of opportunities in front of them, according to Countplus chief executive, Matthew Rowe.
Rowe said he hoped advisers had put issues of 2021 such as regulatory change, education and exam requirements, behind them.
He said this year would be about focusing on growth and servicing hybrid clients who had advisers leave.
“But there's just a lot of supply challenges. Advisers should focus on different economic models where you need to focus around products and utilisation within your firm – a professional services model. I also think there's going to be further consolidation and as there's too many licensees,” he said.
Rowe believed advisers would be able to look past the noise of 2021 but did not underestimate the level of change they had to go through along with navigating the COVID-19 pandemic.
“Those advisers that have shown resilience, and the toughness to get through this and will be looking to the future. I think that they should be now thinking about 2022 in terms of a whole different ballgame as they've got a lot of opportunities in front of them.
“There'll be further consolidation and key things will be growth, recruitment, retention of staff and talent, building the bench strength of the next generation of financial advisers coming through behind them and focusing on efficiencies, productivity and utilisation of their firms.
“Some of that will be technology driven, and some of that's process driven to continue to improve the economics of their individual firms. That's really what it's coming down to.”
Rowe noted as there would be less advisers but a growing need for advice it was a “great time” to be an adviser in 2022 and going forward.