average client base per financial advisor

Average client base per financial advisor manual#

This one change could wipe out over a billion dollars of profit each year for advisors across the industry. This is partially due to recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.įor example, their recommendation to phase out grandfathered commissions would significantly impact financial advisors’ profitability. Unfortunately, while the sector is expanding, the cost of doing business as a financial planner is also rising. That’s half a million more people than in 2017 – a growth of 31.25%. Over the next two years, an estimated 2.1 million Australians will seek advice from a financial planner. Discover four ways it can improve your process efficiency, make your clients happier and make your business more profitable… A growing industry with increasing costsĪccording to the Investment Trends 2018 Financial Advice Report, the financial planning industry is growing.

Average client base per financial advisor manual#

Not to mention the critical risk of mistyping key details that comes with manual data entry.Īutomating your Advisory firm’s processes can help by directly reducing your administration expenses, improving accuracy and making compliance easier. Manual processes like collecting signatures or populating your System of Record (SOR) can eat up hours of time across your entire client base.

Costs and compliance burdens both seem to rise every year. Financial planning is a tough industry, and it’s becoming increasingly tougher.