Adviser exodus continues
Over 800 advisers have altogether left the financial planning industry since the start of April, according to the data from Colin Williams, HFS Consulting’s director.
Williams’ data showed that a net change in adviser numbers stood at 823 on 22 June compared to 679 at the end of the first quarter.
As of 25 June, AMP Group was still the biggest group by number of advisers (1,907) although AMP Financial Planning saw 164 resignations and made 34 new appointments since the start of the year which saw a net change in advisers’ number of 130.
The total number of adviser resignations for AMP stood at 307 against only 72 new appointments since the start of the year.
By comparison, the second biggest player IOOF Group which had 1,399 advisers saw 137 resignations and 80 new appointments.
Following this, NAB/MLC Group jointly lost 145 advisers across all its groups and made new only new 42 appointments bring its total number of advisers to 987 at the end of the period.
As far as adviser movement by licensee is concerned, Interprac Financial Planning topped the table for the year with a net change of 52 advisers (which included 70 new appointments and 18 resignations), which brought the total number to 320 and translated into a 19.4% growth for the period.
It was followed by Lifespan Financial Planning and Insight Investment Services which both registered a net change of 33 advisers, bringing their total numbers to 232 and 58 advisers, respectively.
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