Advice industry grows with appointment spike
After losing 126 advisers last week, the advice industry has bucked the recent trend of sharp adviser losses this end of financial year, recording 117 appointments and 115 losses for a net gain of two advisers.
This brought the total number of advisers to 16,406.
Wealth Data’s Colin Williams pointed to the reappearance of advisers on the Financial Advisers Register (FAR) as a reason for a stabilised week.
“As indicated in last week’s post, many of the advisers who went off the FAR have reappeared,” he said.
“We still saw a lot of resignations put into the last financial year and pretty much all appointments into this financial year - hence the new financial year is showing very strong growth of 129 advisers.”
It was one of the strongest weeks of appointments recorded for months with 51 licensee owners recording net growth of 117 advisers.
This included nine new licensees with notable growth coming from Count (up by seven), Clime (up by seven after the completion of the deal to buy MTIS Private Wealth) and Diverger (up by six after hiring 12 and losing six).
Meanwhile, a new firm commenced with six, with advisers leaving Lonsdale (Insignia). Four firms had net growth of plus five including Centrepoint picking up advisers from four different licensees.
AMP Group topped the losses for the week, down 22, followed by Insignia down 13 and MTIS down seven after selling and switching all advisers to Clime.
A total of 10 licensees effectively closed, including Infinity Capital (-33), owned by Viridian who switched most advisers into their main licensee.
For the week, Viridian as a group was down four. MTIS as mentioned, closed with seven advisers switching to Clime. The remaining eight licensees that closed accounted for a loss of 14 advisers.
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