The number of actual advisers in Australia dropped further this week to 18,965, breaking another record, after excluding timeshare advisers and FX traders.
According to Wealth Data, there were 47 new appointments and 94 resignations, which gave a net change of (-38). Following that, 26 licensee owners gained 33 advisers while 42 financial planning groups reported net loss of 71 advisers.
Wealth Data’s director, Colin Williams, said that after deducting the new five provisional advisers, the net loss of experienced advisers would be higher and stood at 43.
“This week also saw the number of advisers drop below 19,000. However, our figures may be different to other numbers you may see quoted as we do exclude timeshare advisers and advisers we believe are FX traders,” he said.
AMP Group posted the highest losses for the week of around 11 advisers, with nine having departed from AMP Financial Planning.
Despite that, AMP FP remained the largest licensee in Australia with 655 advisers on its books, looking at the year-to-date data, and this was followed by the SMSF Advisers Network (648 advisers) and Morgans Financial (469 advisers).
Source: Wealth Data
According to Money Management’s TOP Financial Planning Groups ranking, the collective number of advisers working for the top groups in the country has dropped to new lows and stood at approximately 11,500.
This compared to the number of advisers registered two and three years ago at the largest groups at 14,500 and 16,140, respectively.
Comments
So, the reality is different from the FASEA rhetoric?
I agree B Real. We will see more reductions as we get closer to December 2025. I am in the middle of the FASEA study (Grad Dip). So far it has not added any value to my years of experience nor altered the way I interact with and educate my clients.
Such a great comment. I'm the same, doing all this study just to appease the regulators, no changes to my advice.
Same, if anything is frustrating that you have to answer the assignment/exam queries they way they want you to simply to get a result, but you know they're actually wrong when it comes to real world application.
Utter exercise in futility.
Also extra painful when the regulator has found to be corrupt, lying and biased without any sanctions or 'ethical training' or 'educational degrees' requirements applied to them (not to mention the ignorant, inept, unwashed, immoral and slightly retarded politicians themselves).
ironically, I'm encouraged that many of us seeing things similarly - its a disgrace what's happening; and I have also not encouraged anyone to join the ranks for at least a dozen years now and (never say never), will not do so in a hurry, if at all....
ditto
same here
Young people, if you are graduating uni, don't consider a career in financial advice. It sucks, is still very uncertain, you'll be held in higher esteem doing a different career, there are other opportunities with less stress, less risk, less hours, better career progression and higher pay.
Don't waste the best years of your life trudging through this mudhole.
there are thousands still lingering on until they get to 31 Dec 2021 there will be a big drop-off then.
I am surprised the number is still that high at 19.8k excluding timeshare, seems extraordinarily high, I'd have guessed around 15 k mark without timeshare (people/persons whatever you call them)
there's probably 5,000 being double-counted
Wait until the real numbers are shown in a few years time, once all the poor adviser decide it is too hard to do the 8 university level subjects. The time it takes you away from your life is cruel, especially for experienced long term advisers.
hallelujah! I'm not alone, :-(
These dwindling numbers must give great joy to a corrupt ASIC and their bum-buddies the union super funds!!
1 more going next week as im refusing to do this unethical Fasea crap.
We hear ya, we don't care.
You may not but most of us do!
maybe you don't care but a lot of others do!
Thx Mr Glenfield. U wont be far behind me.
speak for yourself - I care and many others do , no doubt; wish you well "I was born ethical", we're probably twins, its criminal that a bunch of educated dero's and the visibly virtuous have been able to destroy something that wasn't perfect, but has tremendous potential to be great again, save for all the walls being built to be climbed..
Enjoy retirement. Cheerio.
Morgans with 469 advisers is an indication of how inflated this overall number remains. Surely 80% of Morgans advisers on the register are stockbrokers only??
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