Adviser exits in single-digits for second week
Adviser exits have fallen for the second consecutive week, from nine exits to five this week, according to Wealth Data.
Research by the firm for the week to 23 June, there was a net change of five advisers which brought the total from 16,535 to 16,530.
There were three new licensees this week while six closed.
Since the start of the year, there had been a decline of 662 advisers, with over 500 leaving in the last few weeks, which had caused the total to drop below 17,000 from 17,192 to 16,530.
Some 16 provisional advisers commenced this week, up from two last week. This brought the number of current provisional advisers to 226 while there had also been 203 ‘newly-qualified advisers’ which increased the number to 426.
Colin Williams, founder of Wealth Data, said: “The standout was 16 new provisional advisers coming onto the FAR. However, that number does hide the number of experienced advisers exiting.
“The trend of relatively low switching during the same week of reporting continues with only five, this includes two at Centrepoint Group making internal switches. Otherwise it would only be three.
“This low switching rate indicates that we are not seeing the ‘on mass’ switching by practices between one licensee and another. Rather, we are seeing individual practices hiring a combination of experienced advisers and provisional advisers.”
AUTHOR
Laura Dew
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
