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
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.