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.