Financial advisers are continuing to exit the industry but the latest data suggests that there has at least been some slowing in the rate of exits.
According to the latest data from HFS Consulting’s, Colin Williams, since the start of 2019 to now, 6,472 adviser roles have disappeared and there have been very few new entrants to replace them.
While there has been week-to-week fluctuations which have seen some financial planning groups add new advisers, the data reveals that the industry remains in significant net outflow.
Williams said the accumulated losses for 2020 so far stand at 2,090 which might be regarded as positive because it is better than 2019 when 2,771 were lost to the industry for the same period.
He noted that AMP Group continued to lose adviser roles but not as quickly as other major players.
Williams noted that losses at AMP Group, on a percentage basis year to date were less than those for NAB/MLC Group.
“AMP Group YTD have lost 278 adviser roles, or -12.96%. NAB/MLC Group have lost 174 advisers or -15.37%.”
