Advice / APAC / Global / Industry / Licensees

CoreData 2020 Licensee Research: How is your licensee performing?

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In 2019 financial advisers across the country sent a clear message to their licensees: support us, help us through the changes that are buffeting our industry, our businesses and our clients; and prove to us that you’re delivering good value for the fees you’re charging – and for the fee increases you’ve got in the pipeline.

CoreData has opened its 2020 Licensee Research survey, and now is your opportunity to have your say on all of the issues that affect how licensees support financial advisers.

CoreData’s 2019 Licensee Research painted a picture of an adviser community fairly clearly divided into two camps. The first was those who felt their licensee had become preoccupied with internal issues (principally compliance), and had reduced focus on the needs of advisers, advisers’ businesses and clients. 

And the second was those advisers who believed their licensee had their back, understood them and their business well, and who said their licensee was working proactively to give help to those that needed it to transition onto a sustainable footing for the future.

Further, the divide could be crudely characterised as being between advisers in institutionally branded and institutionally affiliated licensee networks, and advisers in independently owned licensees. 

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There are exceptions to every rule, and in 2019 despite the overall decline in satisfaction for institutionally branded and affiliated licensees there were patches of sunlight. Some advisers in institutional camps continuing to express high levels of satisfaction with their licensee, albeit alongside those who were scathing in their assessment. 

Likewise, being authorised by an independently owned licensee wasn’t a guarantee of a high level of adviser satisfaction or confidence. Some advisers raised significant concerns about the possible sustainability of their licensee, whether it had the resources to continue to support them and, indeed, whether it would even be around in a year’s time.

In one notable case those fears proved to be well-grounded, when Spectrum Wealth Advisers closed its doors not long after the survey closed.

A year on, CoreData invites you to provide or update your opinion on how your licensee is supporting you in 2020 to run your advice practice and to deliver first-rate advice to clients.

Much has changed in the space of 12 months – including extensions to deadlines for FASEA-mandated education standards – and right now we have the added uncertainty of the Covid-19 global health pandemic.

Has your satisfaction with your licensee increased or decreased since last year? Are you paying more now for the services they provide, and do you feel like you’re getting value for money?

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What you tell us will create the 2020 CoreData Licensee Research Report. Headlines and key insights from the report will be published in Professional Planner and by CoreData here on New Model Adviser. All contributions to the Licensee Research remain strictly confidential and anonymous.

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