Finding Financial Advisers Made Easy
This post is targeted at ‘wealth’ based businesses that need to find advisers. That need can vary from looking for the right financial licensee / adviser for your products and services, and those who need to hire advisers for their licensee and practices.
The Problems Associated With Finding Advisers
We all know that the number of qualified and experienced financial advisers is in decline. However, the need for advice is growing as superannuation assets continue to grow and the need for advice expands as ‘boomers’ move into retirement.
Many advisers have already bowed out, driven in part by the banks exiting advice and many failing / not taking the Financial Exam (FASEA) exam.
A problem for many service providers is the boom in new small self licensed AFSLs. As the chart below demonstrates. The top 4 licensee owners have just under 20% of all current advisers, while there are 1,671 licensee owners with less than 20 advisers who have a total of just under 33% of the adviser market.
Chart as of Jun 29 2022 - Market share of advisers by size of licensee owners
Typically, the small AFSLs have very experienced and well qualified advisers, opting out of large licensees and setting up their own AFSL. Typically, such firms are standalone practices and get additional support from various service providers to maintain their AFSL.
“While small AFSLs are great candidates for a suite of services from product and investment funds, they are hard to track down”
If your role is to find individual advisers or service individual particular licensees, we have modified our database searches to help you with that challenge.
Below is a brief summary of the tools available at the members Lounge to track down that licensees and advisers that are the best fit for your business.
1 - Track down small self licensed AFSLs - Target for key services
Using our AFSL Search tool, you can target small AFSLs and sharpen that focus by focusing only on AFSLs that are able to offer your products and investments. For example, you can target AFSLs whereby at least 50% of the advisers can offer investments and are based in NSW. You can refine the search to focus on risk-based licensees. “
Through the licensee, you can see their entire adviser base which is automatically sorted by our unique ‘Star Rating’ system, that highlights five star advisers first based on a combination of experience and qualifications.
The short video shows more.
Note: If you would like a spreadsheet with all licensee details, including the search filters, please call or email.
2 - Target ‘current’ individual advisers by area and by licensee
Should you have the need to find individual advisers that are current, we can assist through the ‘Adviser Search’ database. This is ideal if you’re looking to find advisers with a certain skill and experience. You can also track down advisers within a region and you can also filter by licensee. With over 16,000 advisers, the filter we make available, will quickly narrow down you search. The video below explains more.
Note: We can provide a spreadsheet of all adviser details with search filters, please call or email
3 - Finding advisers who have ‘ceased’
Why would you want to find an adviser that is now ceased? A trend throughout 2022 to date, has been a strong number of advisers being recruited back into advice. Many have only been ceased for a few weeks, while others have been ceased for months and in some cases years before finding their way back as a current adviser.
The downturn in advisers have left many financial advice practices low on skilled advisers. Business may well be booming but servicing existing and new clients is difficult. There is an option to take on brand new advisers, but that process will be difficult and long. The answer for many firms is to track down advisers who have the skills and could fit into the business very quickly.
The challenge with tracking down ceased advisers is that much of their details are lost on the ASIC Financial Adviser Register once ceased. What we have done, it build a database based on multiple ASIC FAR to bring back their key details such as qualifications, region / suburb and authorisations. The video below explains more.
Note: A spreadsheet can be provided. it is complex and can be tailored to your brief.
