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.
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.
AUTHOR
Liam Cormican
Recommended for you
The FAAA is hopeful the education and experience pathway deadline will be the “last big thing” that could cause an adviser exodus but concern now turns to advisers moving to the wholesale space.
Invest Blue’s managing director says the firm is aiming to implement responsible private market access to its retail clients following the launch of its SMA last month.
After launching its digital advice offering earlier this year, AMP has announced the next phase of its strategy, providing its users with more personalised guidance.
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
