Thanks for that response, very useful.

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kroehny17

1,105 Posts.

29/07/17

16:23

Post #: 26159946
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Originally posted by HAC30 ↑

No worries. Tough question and one where I probably can't speak for the 'industry average'. I'll take a stab though. Probably needs to be broken down to new and existing clients. New clients where one would generally present more comprehensive advice (as nothing has been previously addressed) id say 1-2 per planner. A planner seeking new business may spend a lot of time on business development ect so actually having the clients to advise is the challenge. Existing business is generally more simple as it will usually be 'scaled' to one or two areas, making the SOA's quicker and simple. If a planner is simply servicing an existing client base they may do closer to 3-4 per week as work is discovered when meeting for a review (altering insurance or investment portfolio rebalance ect). Then again a lot of planners have just simply bought books of old clients (pre opt in/commission ban) where they pretty much don't service the clients and just collect the ongoing fees/commission, it's something that disgusts me. There are some planners out there that will do an SOA each day... they usually provide basic rollover advice (more product based rather than strategy and almost a general template) so it doesn't take long... some will do far less (maybe not even one a week) if they are say a stockbroker who is just qualified as a planner and provide this service supplementary or provide much more comprehensive advice to high net worth individuals. Personally, I did about 70 SOA's last financial year, almost half of that was in relation to the super changes. I am probably a bit of an outlier though dealing with higher net worth clients and therefore having less overall. Those who deal with a greater number of clients will naturally do more SOAs. If I had to guess it would be an average of 2 per week, per planner. I understand that might not help much sorry haha but happy to answer any questions.

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Thanks for that response, very useful.

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