Adviser gains steady after exam fallout
There has been a steadying of adviser numbers as it reports gains following high exits after the financial adviser exam deadline.
In the week to 10 November, there was a gain of seven advisers, according to Wealth Data, which brought numbers above 15,900.
Some 29 licensee owners had net gains of 32 advisers, 17 licensee owners had net losses of 23 advisers and two new licensees commenced and one ceased.
There were five provisional advisers who commenced this week while none ceased.
Colin Williams, founder of Wealth Data, said: “The number of advisers rose above 15,900 as some advisers made their way back to the ASIC FAR, along with another good week of new entrants coming on as provisional advisers.
“The adviser market has certainly steadied since the wave of losses post the Financial (FASEA) exam that we saw in early October.”
Six licensees had gains of two advisers including Telstra, MWL Group and Highfield Group and 20 were up by one adviser.
An unnamed new licensee commenced with two advisers who had moved away from Synchron.
In total, there were four losses from Synchron which Wealth Data said was the third consecutive week that it had seen the highest losses.
Diverger was down three while AMP Group was down two and 14 licensee owners were down one including Centrepoint, Sequoia and Perpetual
AUTHOR
Laura Dew
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
