According to the firm, the ranking evaluates 56 regions countrywide across a number of factors, including population growth, adviser density, household income, and region affluence.
“In an evolving landscape where advisers come and go from locations, demographics shift, and opportunities arise, we offer a glimpse of what advice businesses may want to consider when launching their venture,” Adviser Ratings said.
The region that emerged as the most fruitful for advisers in the 2023 ranking was Geelong in Victoria, which bucked a number of nationwide trends from 2021 to 2022.
While both the number of advisers and practices declined nationally, down 5 per cent and 8 per cent, respectively, in Geelong, there was a 2 per cent growth in adviser numbers and a 4 per cent growth in practice numbers. It also enjoyed a 13 per cent growth in licensees, compared with a 3 per cent growth nationally, driven by the proliferation of small AFSLs.
“In the vibrant tapestry of Australia’s financial domains, Geelong emerges as a radiant gem – or dare we say, the crown jewel – for wealth practice. While it might have once been famed for its wool and a touch of the golden rush, this coastal marvel has transitioned into Australia’s numero uno hotspot for financial mavens,” Adviser Ratings said.
“With a sophisticatedly mature median age of 40 (2 years more distinguished than the national average), and a staggering 31 per cent of the populace luxuriously lounging in the over-55 golden club (beating the 29 per cent Aussie average), the opportunities here are as vast as the coastline it boasts.”
Rounding out the top 10 was Brisbane (inner city), ACT, Moreton Bay, Sydney (Baulkham Hills to Hawkesbury), Tasmania (excluding Hobart), Bendigo, the Sunshine Coast, Melbourne (North), and Bunbury (Mandurah).
Interestingly, the top 25 also included the inner city of both Perth and Melbourne (ranked 22 and 25, respectively), however, Sydney’s inner city was nowhere to be found.
Among the top 25, inner Melbourne accounted for the largest number of advisers (2,213) and practices (539), while inner Perth boasted the highest funds under advice (FUA) per adviser at $87 million.
“Whilst arguments will be made regarding weightings of variables, we have laid bare just a few inputs that go into the ranking,” Adviser Ratings said.
“As advisers move in and out of regions, new ones enter, demographics change, and opportunities emerge, the league table is just a small indicator of the research any business or adviser may want to undertake as they set-up shop.
“As we move more and more online, and geography becomes less relevant, it will ultimately become an adviser efficiency game and digital game. And an online digital presence is key to that.”
