Advisers not utilising licensee services
Financial advisers are not making the most of the services offered by their dealer group, a survey conducted by private equity firm Advice Exchange has found.
The survey of 200 advisers indicated that most are utilising the compliance and systems administration services offered by their licensee, rather than broad business development services.
More than 60 per cent of survey respondents rated ‘corporate governance’ as the number one (47 per cent) or number two (17 per cent) most valuable service offered by their dealer, followed by administration and processing support.
“Just nine and eleven percent valued Marketing and Business Development as the most important services respectively,” said a statement releasing the survey findings.
Commenting on the results, Advice Exchange managing director Andrew Docquile said the preferences were understandable but not ideal.
“We think it makes absolute sense that with the looming FOFA deadline, compliance is foremost in advisers' minds,” he said. “Marketing and business development have slipped to the bottom of their priority list.”
However, advisers need to “ensure they maintain focus on growing their business, regardless of what changes are happening at the regulatory level,” Docquile said.
“Particularly if they are planning on selling their practice in the next five to ten years,” he added.
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