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Managing your business

Get practical insights to help make your business resilient and successful

Article

Adviser numbers have been reducing since 2018 and dropped below 16,000 in October 20221 as many are suffering from ‘change fatigue’ and in desperate need of inspiration and the confidence to implement different business strategies. Yet there are also many firms that are growing from strength to strength, seizing the opportunity to innovate and achieve their business aspirations.

CoreData research2 revealed in January 2022 that there are 660,000 clients in Australia who actively want a new adviser. The time has never been better for advice firms to achieve success, and yet there is little doubt that many of the techniques used to run advice practices in the past will not sustain tomorrow’s firms.

In this handbook, Elixir Consulting summarise techniques and actions they see in resilient businesses that can result in greater success, backed by statistical data gathered from their hands-on experience of coaching advice businesses around Australia since 2007.

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Dis­claimer:

1. Adviser Ratings
2. CoreData - State of Advice Research January 2022
* https://www.fairwork.gov.au/leave/sick-and-carers-leave/paid-sick-and-carers-leave#how-much

Information current as at 22 August 2022. The information contained in this publication provides an overview or summary only and should not be considered a comprehensive statement on any matter or relied upon as such. This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it. This may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, the Westpac Group accepts no responsibility for the accuracy or completeness of, nor does it endorse any such third party material. To the maximum extent permitted by law, we intend by this notice to exclude liability for this third party material. This communication has been prepared for use by advisers only. It must not be made available to any client and any information in it must not be communicated to any client.