Advice industry falls after uptick

The number of advisers in the profession has fallen by 24 this week, with this week’s losses mainly driven by Insignia and AMP.

According to Wealth Data, the advice industry now sat at 17,173 advisers, with the two largest groups, Insignia and AMP both seeing a busy week of appointments and resignations.

AMP closed out the week appointing three and losing 13 while AMP had four appointments and 12 resignations.

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Count had its first negative week in a while, down a net of four, gaining one adviser and losing five, while TAL (Affinia) also lost a net of four – neither Count or TAL’s losses were appointed elsewhere.

Elsewhere, advisers at CBA and Independent Financial Advisers Australia fell a net of three along with seven licensee owners losing a net of two, including Fortnum, FSSP (Aware Super) and Hood Sweeney.

Looking at growth, a total of 38 licensee owners had net gains of 51 advisers and 41 licensee holders had net losses of -74.

Eight new licensees were registered, adding 14 advisers while seven licensees closed.

And it was a good week for provisional advisers with nine being appointed.

“Outside of the new licensees, Diverger grew by three advisers, the net growth was at GPS who picked up two advisers from Shartru and one Provisional Adviser, while Paragem lost and gained one adviser,” Wealth Data founder, Colin Williams said.

Seven licensee owners had a net growth of two, including Picture Wealth, with one adviser joining from Euroz and the other from Eastwoods Wealth Management. Meanwhile Oreana moved into growth territory, adding two with one adviser from Hillross and another starting as a new Provisional Adviser.

A total of 28 licensees had a growth of net one including Steinhardt Holdings (Infocus), Shartru, Perpetual and HESTA.

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…..and here we go yet again with Liam’s mind blowing adviser stats report!!……seriously Liam you have to get off this soap box and deliver some hard edged investigate reporting of substance.
One week you report an additional 3 advisers, the next week a loss of 24…..breaking news!!
Everyone knows adviser numbers are going to plummet to approx 12,000 to 13,000 in the next 18months to 2 years….maybe even less.
The Liberal Govt has successfully done everything it possibly could to break advisers will, their spirit and their business models.
Liam, maybe go and find some dirt on Frydenberg and Hume that actually will drive some interest rather than simply reporting endless numbers of minuscule importance.

They weren't Liam's stats but stats from Wealth Data. I hope this helps enhance your experience.

Agree with experience. We know that numbers are falling, Liam I recommend that you investigate the cause of the fall in adviser numbers. I watched a webinar link the other day and saw CEO AMP Alexis George saying we need more advisers...HELLO, you got rid of your successful planners and so what if they were small and did not meet AMP's arbitrary revenue, they were providing a service to thousands of AMP clients. Where are these clients now? Liam, I implore you to investigate these type of critical issues to the industry and in particular the hypocrisy of AMP.

Investigate the fall in numbers? Well documented. Low education levels, some can't pass a basic exam, many too lazy to study, equals some leaving the industry. It's not that big a deal.

What a mind numbing waste of time that article was. Money Management if you dont improve the quality of your articles there will be no articles as there will be no publication.
This was the first article i have read for sometime and i wont be back anytime soon.
The hard copy publication goes straight to the bin when it comes through.
There is so many good stories you could write about financial planning however they would have to include some of the thousands of positive stories relating to great outcomes for clients of advisers and that would not suit the media or political narrative.

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