Adviser numbers fall back again

After two more optimistic weeks, the total number of advisers fell again this week to 17,282, according to Wealth Data, with 31 licensee owners having posted net losses of 51 advisers while 30 firms reported net gains for 43 advisers.

Additionally, only two new licensees commenced this week while five were closed down.

Looking at the year-to-date numbers, Insignia (formerly known as IOOF), which reported earlier this week a 79% growth in underlying profit, continued to lead the losses with a departure of more than 40 advisers which represented more than half of the total net losses for the entire market (which lost 72 advisers to date).

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It was followed by AIA Group which was down by (-9) advisers, with many leaving to join Count. At the same time, four groups were down (-8) each including Craigs and Findex.

Altogether 39 licensee owners were showing net losses year to date, with total losses of advisers standing at -163 between them.

As far as losses this week were concerned, Craigs Investment Partners, which was based in New Zealand and the advisers had limited authorisations for securities advice here in Australia, reported a loss of eight advisers.

It was followed by Insignia down  by six advisers and (-6) this week, losing seven and gaining one. Of these seven advisers who departed this week Insignia, four were reappointed elsewhere.

Industry Super Holdings, better known as IFS was down four after recent gains. Another industry fund-based advice business, FSSSP better known as Aware Super was  down (-3) and AMP Group was down (-2) as were Synchron.

The data also found that the largest peer group – financial planning (offering holistic advice), was actually showing a net gain of nine advisers which was good to see.

Further to that, 22 new licensees have been established year-to-date for this segment and seven closed.

 




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This is meaningless reporting.
Wait until the end of 2023 and there will be 12-13,000 advisers max.
This has been an orchestrated, planned and manipulated cleansing programme driven by a Liberal Govt and their out of control regulator determined to destroy independent adviser’s businesses.
It has been discriminatory, targeted and relentless.

Expect there to be a wave of exits prior to Frydenbergs's great big new tax (ASIC levy) falling due for payment.

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