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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
