Adviser numbers fall to 17,193
The drops in adviser numbers this week were driven by AMP Group which saw one of its practices moving to Fitzpatricks, with the overall number of advisers having dropped to 17,193, according to Wealth Data.
Also, the balance of the losses at AMP Group had not been appointed elsewhere at this stage.
Additionally, Citi Investments (Citigroup) was down by eight advisers and was now down to zero advisers, effectively taking it out of providing retail financial advice.
The net change this week stood at (-15), with 27 licensee owners having gained 40 advisers and 29 having seen a departure of 57 advisers. At the same time, four new licensees commenced their operations while another four were closed down.
As far as year-to-date losses were concerned, Insignia led the way down albeit after improvement this week and was down by 48 advisers. Craigs was down by (-36) advisers, while AMP Group and WT Financial Group so far saw a departure of 28 and 24 advisers, respectively.
On the other hand, Count pushed further ahead and was now up 30 for the year. The other groups that also manged to increase their adviser numbers included Castleguard (Lifespan), PSK Financial Services, Diverger, Centrepoint, Morgans and Steinhardt (Infocus).
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
