Adviser growth ends six weeks of losses
There was a net gain of 12 advisers this week, according to Wealth Data, ending six consecutive weeks of losses.
In data from Wealth Data to 8 September, some 46 licensee owners had net gains of 66 advisers this week, 37 licensee owners had net losses of 53 advisers and six new licensees commenced and one ceased.
There had been a net loss of 12 advisers in the previous week and the past six weeks had all reported losses.
There was also a record number of provisional advisers joining the Financial Adviser Register (FAR) linked to the passing of the financial adviser exam, which saw results released last week with 52% of candidates successfully passing.
There was now a total of 509 provisional advisers, up from 243 at the end of 2021, and the combined amount for 2022 was already greater than the combined amount for the first two years.
AMP Group had hired the most provisional advisers at 22 followed by Charter Group which had hired 13 while Synchron and Count had both hired 12. Morgans, which sat in the investment advice category, had hired 18.
The financial planning model sector represented 351 out of the 508 new and provisional advisers, Wealth Data said.
AUTHOR
Laura Dew
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