Advice owners anticipating business growth
Despite the market downturn, 43 per cent of financial advice business owners believe their business will grow by more than 25 per cent per annum over the next three to five years, according to an MLC/NAB survey.
Based on responses from more than 230 advice businesses, the survey found a further 26 per cent of respondents predicted their businesses would grow by 15 to 25 per cent.
It was conducted in September by researcher Business Health on behalf of NAB Business Bank’s Financial Planner Banking and the MLC Adviser Business Centre.
MLC’s Adviser Business Centre national manager, Bob Neill, suggested the “healthy optimism” was due to advisers anticipating increased demand due to an ageing population requiring more specialised support, and more Australians seeking advice in response to the difficult financial environment.
The survey also revealed that 86 per cent of practice owners plan to achieve their anticipated growth targets via organic growth. Only 30 per cent of respondents indicated they had intentions to grow via acquisition.
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