Advisers - Switch Licensee or Start Your Own?
Switching licensees is not easy for advisers, particularly for advisers who own their own practice. Switching licensees comes with a raft of complexities and it can prove difficult to compare one licensee versus another.
Another issue is that licensees have changed considerably over recent times. There has been a raft of changes with the once dominating banks exiting advice and remaining licensees having to ‘pay their own way’, as product rebates are removed from their revenue options. Now, each licensee must compete at providing services to advisers at a rate that is fair and generates a profit for the licensee.
In this post, we do not assess licensees on fees and services. We focus on a licensee that could be the ‘best fit’ for you. We do this by highlighting the type of advisers, through experience, focus of advice and qualifications that licensees currently have on their books. With our tools including our unique ‘Star rating’ system, you can quickly narrow down your search to the licensees that has advisers most like you.
We believe finding a licensee that currently supports advisers like you is a very valuable insight. This will indicate that they can provide services to match your requirements. You would also value being part of a group that has the same issues and opportunities as yourself, as this creates a hub for exchanging ideas that lead to the solutions you are looking for.
The tools at the Members Lounge add independence to your licensee research
We have a simple comparison dashboard page allowing you to enter a shortlist of preferred licensees that can be used in a presentation back to your team, highlighting potential strengths and weaknesses of each licensee. You can also dig deeper and search by advisers in each licensee to check out their qualifications, experience and past history across licensees.
What about becoming Self Licensed?
Going self licensed has become a realistic option for many financial advisers running their own practices. As the table below highlights, there has been a boom in new licensees across the Financial Planning (Holistic Advice) sector.
Through our tools, we can show you a quick way of tracking down recent self licensed AFSLs that look like your current practice. This creates an opportunity to contact them directly and learn from their experiences. With just a few clicks, you can access the licensee advisers names, qualifications and past licensees that the advisers have been authorised at, and with one click, view their websites. This is an ‘independent’ method of checking your options for support services, from those who have already gone down this path.
Since Jan 1 , 2022 to May 6, 2022 - 294 new licensees have commenced in the Financial Planning (Holistic Advice) sector. The vast majority are small self licensed AFSLs. An additional 27 new licensees that focus on investment advice only, and 31 attached to accounting groups that provide holistic advice.
Below is a short video that demonstrates the tools available at our Members Lounge to bring a real focus to your licensee search. If you need further assistance, please call or email. To join our Members Lounge and access the tools immediately, simply complete the details at the bottom of this post.
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