Exam passes prompt uptick in adviser numbers
Adviser numbers this week have seen a slight uptick to 17,197 with a positive net change of four advisers, largely driven by nine new provisional advisers joining the industry, according to Wealth Data.
The improved net growth was driven by nine provisional advisers joining the industry, all appointed to different licensees while a small number of advisers were reappointed after dropping off the Australian Securities and Investments Commission (ASIC) Financial Advisers Network (FAR).
“This highlights that some advisers are coming back after passing the February financial exam (FASEA exam),” said Colin Williams, founder of Wealth Data.
Results were announced for the latest sitting of the adviser exam last Friday although the pass rate hit a record low of just 32.4%.
Narrowing focus to licensees, five new licensees commenced this week for a total of 11 advisers, most switching from large licensees, leading to a total of 42 licensees having commenced this year.
Meanwhile, the data showed a long tail with 31 licensee owners gaining a net one each. The highest growth belonging to a new licensee at four advisers who left Sentry Advice, part of WT Financial Group.
Sequoia had a net growth of three, hiring four and losing one adviser while five licensee owners had net growth of two, including three new licensees, NTAA (SMSF Advisers Network) and 3 Times 8 (MGD Wealth).
Looking at losses, WT Financial Group was down a net of five, losing six advisers including a practice of four advisers commencing their own licensee and re-gaining one adviser who had left in December. Hall Chadwick was down a net of four along with Loan Market who was now down to zero after losing their final four advisers.
FSSSP (Aware Super) and Insignia were both down a net of three while Insignia gained one adviser and lost four. None of the four losses had been appointed elsewhere.
A total of five licensee owners were down a net of two, including Shartru and TF Accountants, whose numbers now sat at zero advisers. A tail of 18 licensee owners were down a net of one adviser each, including Bombora.
