Wealth Data has revealed a “disappointing” double-digit loss in advisers after a positive January.
Data for the week to 2 February showed there was a negative loss of 26 advisers.
This compared to a net loss of 36 advisers in the three months from 1 November to 2 February led by AMP Group and MCA Financial Planners.
During the past week, some 20 licensee owners had net gains of 25 advisers but this was offset by 22 licensee owners who had net losses of 50 advisers.
Six provisional advisers commenced and one ceased while one new licensee commenced.
ASVW Holdings were up by four after picking up a practice from Consultum (Insignia), Terrell C.G. Hyman (Alpine Financial Advice) picked up two advisers from Synchron and Canaccord picked up two.
A total of 17 licensee owners had net gains of one adviser each.
In terms of losses, Bombora Advice was down by 14, Australian Unity was down by eight after losing a large practice from New South Wales which commenced its own AFSL and Insignia was down by seven.
The research house noted the Bombora advisers were expected to reappear at Zurich Assure in the future once it had commenced its own AFSL.
Founder Colin Williams, said: “The initial numbers are disappointing after a solid start to the year. However, we can confirm that a large portion of advisers lost this week have switched licensees and will reappear on the ASIC Financial Advisers Register (FAR) soon”.
You cannot simply turn back a decade of legislative discrimination & unfair bias against Financial Advisers & expect the relentless pursuit will not result in a breakdown of human being’s will & persistence.
This has been a very sad story of Govt sanctioned attack over 10 years that has broken people.
The numbers of advisers will continue to reduce over the next few years and may well never recover to an extent the provision of quality advice at an affordable and simpler process can once again assist Australians to plan & protect their financial life.