Financial planners employed by banks less satisfied
Financial planners working in bank branches are less satisfied with their support system than those working for independent or even institutionally-owned dealer groups, according to data from Investment Trends.
The Investment Trends Planner Satisfaction Survey has shown that around 30 per cent of financial planners across the industry are very satisfied with their dealer group, which represents little change from last year's results.
However, investment analyst Recep Peker said satisfaction levels of financial planners working in bank branches have gone down.
Around 12 per cent of financial advisers are planning to leave their dealer group in the next year, citing lack of support as the main reason, he said.
"We have found a correlation between advocacy and the number of areas that financial planners seek support in," Peker said. "This means that dealer groups need to listen to planner demands if they want to retain staff and licensees."
Dealer groups that are further along the line in their transition to the fee-for-service remuneration model are also most likely to be recommended by their financial planners, according to Investment Trends.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.