Adviser exits only modestly offset by provisional adviser entrants
Financial advisers continue to exit the industry but there are some glimmers of hope with the continuing, though still modest rise, in provisional advisers.
An analysis compiled by HFS Consulting’s Colin Williams noted that there are now 32 ‘Provisional Advisers, up from 28 over the previous week.
Williams said that the provisional advisers were those who were currently going through the Financial Adviser Standards and Ethics Authority (FASEA) requirements to become a confirmed adviser.
However, he noted that the numbers of provision advisers were “still very low in the context that 2242 adviser roles had so far been lost” to the financial advice sector.
Important in the context of IOOF’s acquisition of the MLC Wealth business, Williams noted that in year to date terms by licensee, NAB with -224 and AMP with -186 had the largest losses.
“At the level of the ‘Controlling entity’ (group level), AMP Group have now lost -325 adviser roles. For context that’s close to the current number of advisers at Merit Wealth (326 advisers) who are the seventh largest licensee in the country. IOOF have lost -120 advisers and NAB/MLC have lost -203,” his analysis said.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
