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.

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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.

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