Financial advisers are now meeting with as many as 10 licensees before choosing a new home.
This is according to HUB24 dealer group Paragem, which said advisers have doubled down on due diligence when it comes to selecting a new licensee, interviewing between five and 10 dealer groups before making a selection.
Some advice businesses are partnering with other practices from their former dealer group in conducting the interviews too, Paragem said.
Advisers are conducting thorough due diligence, often over several months to ensure they get the right fit with their future licensee, Paragem managing director Nathan Jacobsen said.
Selecting the right licensee is a key business decision and can make a big difference to the future of an adviser's practice," he said.
"Advisers are right to take their time, ask uncomfortable questions and get to know any potential licensee partners on a personal level."
The insights have been garnished from feedback Paragem has received while recruiting advisers.
Common requests received from advisers during the decision-making process include the ability to log-in to Xplan to view similarities and differences in how it is used and 30-day notice periods to existing licensees and clients, the group said.
According to Rainmaker analysis of the ASIC Financial Adviser Register, as at November 14, the dealer group is home to 71 financial advisers.