Appearing on a new episode of the ifa Show podcast, Midwinter’s head of advice sales, Stacey Cowan, said more advisers are seeking support from industry due to the changes as a result of the pandemic, such as technology adoption in businesses.
“It used to be you’d get that support from your licensee, but as you’re no longer necessarily tethered to a large institutional licensee, it’s really a case of information sharing,” Ms Cowan explained.
“The network has really broadened. So now you’re not just talking to your PDM or your licensee head of advice. You’re talking to product providers, consultants, you’re talking to other advisers from a myriad of licensees, not just your own licensee.
“So, I think they really want that connectivity beyond their own business. And they’re looking for the industry to support that connectivity.”
Ms Cowan said that despite declining adviser numbers – with predictions this week that another 2,000 will depart in 2022 – the expansion of the licensee world is an “absolute boom”.
“In the last couple of years, there’s been, what, nearly 200 new AFSLs created,” she said.
“People are really looking for that, I think, ownership as we move away from the institutionalised world.
“So, the global pandemic and COVID have seen us working remotely and a lot of employees now want that remote workforce and sort of style to continue. And the question is, how do you sustain a business when you don’t have that day-to-day connection of everyone being located in the same place?
In Adviser Ratings’ Landscape report released this week, which looked at how financial advice has been impacted by the changing nature of wealth management through a number of projects including over 40,000 surveys of advisers and consumers.
Advisers indicated in the surveys that they intend to use investment platforms more in 2022 to “service clients more effectively and efficiently”, while over 50 per cent said they also aim to increase ESG exposure this year.
Listen to the full podcast with Ms Cowan here.
