Client numbers almost halved in a decade

The headline takeout from our recently released industry analysis (Future Ready VIII) is undoubtedly the dramatic reduction in average client numbers per firm from 715 in 2016 to 530 this year. A far cry from the 975 per firm in 2009 and the 1,100 clients (or were they simply policy holders?) being served by the average Australian practice twelve years. So, what’s been driving this reduction in client numbers per firm? A couple of factors spring to mind: Rising costs…

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Cultural Commonalities

A lot has been written over the years about the importance of workplace culture – it is the subject of thousands of books and is a major component in every management and leadership course. By its nature, culture is ever-present and continually evolving in line with the ideation and leadership of the time. In recent times, it has become more of a hot topic in Australia due to the Royal Commission and the numerous regulatory actions flowing from it. Over…

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Remind me again – why am I working for you?

As most business owners tell us, it’s hard to find (and then keep) good people – especially in an industry such as financial services, whose image has been somewhat tarnished over the past two years. Overlay this with newly emerging industries (read exciting) who are competing for good people, it’s clear that the battle to find and retain is getting harder for advice firms. Some key stats derived from our latest analysis of Australia’s advice businesses (Future Ready VIII) add important…

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