What’s the top switching trigger for advisers?

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A swarm of bank-aligned advisers will switch licensees in the next 1-5 years due to growing feelings that institutional dealers aren’t focused on helping them develop their business, according to a new report.


Adviser satisfaction with the quality of services and level of support they receive from their dealer group has fallen in the last year with a growing sense that licensees aren’t focused on meeting advisers’ needs or helping them develop their business, according to a new report.

The 2015 CoreData Licensee Report found feelings of dissatisfaction were most evident inside the big institutions, with bank-aligned advisers the least likely to recommend their licensee and the most likely to switch licensees in the next 1-5 years.

Conversely, non-institutionally owned licensees like Fortnum Financial Advisers were a bright spark, rating highly in terms of overall adviser satisfaction. Fortnum advisers are also the most likely to recommend their licensee. 

Across the industry, the top switching trigger for advisers continues to be greater product choice and autonomy, with three in five advisers indicating they would consider joining a licensee if it offered a broader Approved Product List. Compliance support remains the second top switching trigger with advisers also placing significant value on technical services, research and business planning.

According to CoreData, which surveyed around 700 advisers, Fortnum Financial Advisers was ranked first across all four key research criteria, resulting in it securing the highest overall satisfaction score for research. The four key criteria were: the quality of investment and risk research; the appropriateness of investment guidelines for underlying practices and advisers; clear communications; and ease of contacting the research ream. 

The report stated: “Overall Fortnum continues to excel in most metrics, performing in line or well above the industry average.

“Adviser Sentiment continues to be strong for Fortnum, as was the case in 2014. It has outperformed the industry average on key adviser sentiment measures including research and profit growth. Almost every Fortnum adviser has experienced profit growth in their business in the past 12 months while all say they are loyal to the licensee, continuing an unblemished record for three years running in this attribute”.

Start a conversation with Fortnum Financial Advisers.

What’s the top switching trigger for advisers?
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