Key highlights from the 2019 survey conducted from Feb-March 2019:
Self-assessed advice business profitability growth slowed down
Reflecting a challenging industry environment, the profitability growth of financial advisers’ businesses slowed down in the year leading up to March 2019. Only 61% of advisers reported a year-on-year increase in practice profitability, the lowest level observed since 2014. Instead, a growing proportion of advisers (26%, up from 15% in 2018) said the profitability of their business remained unchanged from a year ago.
This trend was more pronounced in Australia, where advisers grappled with the negative impact of the royal commission. Just 30% of advisers reported a year-on-year increase in practice profitability, while 38% said their practice profitability declined over that period.
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