AMP and IOOF adviser losses on par
The losses of advisers at AMP and IOOF have reached similar levels and stand at 89 and 82, respectively, counting year-to-date, according to Wealth Data.
This gave a combined net change loss of 171 advisers compared to 143 advisers for all other licensees.
Unsurprisingly, this week saw further net change of advisers of (-20), with 25 licensee owners posting net gains for 35 advisers and 29 licensee owners recording net losses of 61 advisers.
Following this, 29 individual licensees saw a net gain of 41 advisers and 37 individual licensees posted net losses of 66 advisers.
“IOOF topped net losses again this week with 12 – three hires and 15 resignations. Of the resignations only four are showing up as current elsewhere,” Wealth Data’s director, Colin Williams, said.
“Maritime Financial Services (Maritimes Super) went to zero advisers with all seven advisers coming off their Australian financial services licenses (AFSL). However, the advisers were also acting under Guideway Financial services and they remain at that licensee.”
There was a limited growth this week among licensee owners. According to Wealth Data, Ord Minnett saw four advisers drop off a couple of weeks ago “only to rehire and backdate the information”.
Also, two new licensees commenced for a total of four advisers.
Largest licensee owners with over 50 current advisers
Source: Wealth Data
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.
