AMP bids farewell to 6 advisers

amp Wealth Data adviser numbers

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The financial advice profession has seen double-digit adviser losses over the past week, including six advisers who departed Australia’s largest advice licensee.

In the week ending 30 May, Wealth Data reported a decline of 16 advisers across the industry, despite the seven new entrants who joined over the week. The double-digit losses brought overall adviser numbers down to 15,622.

“However, we do expect that some of the advisers dropping off the financial advice register (FAR) this week will reappear soon as they transfer licensees,” said Colin Williams, founder of Wealth Data.

The declines were led by AMP, which was down by six advisers. The licensee lost one adviser from Charter Financial Planning to Alliance Wealth and another to WT Financial Group-owned Synchron. The additional four losses are yet to be appointed elsewhere on the FAR.

Earlier in the month, AMP reported a loss of 12 advisers in a single week.

The past week saw 23 licensee owners have net losses of 38 advisers in total. Following AMP, Financial Services Group Australia declined by five advisers with none being shown as appointed elsewhere.

Sequoia Financial Group lost three advisers, as it bid farewell to four and appointed one. Legal Super was also down by three advisers with zero displayed as being reappointed to date.

In addition, Insignia Financial saw a loss of two advisers, after appointing one and losing three. Aeran also lost two advisers who are yet to be reappointed.

A tail of 17 licensee owners were down by one adviser each, such as Boyce, Fitzpatricks and Morgans.

Looking at the growth over the week, 21 licensee owners had net gains of 22 advisers overall.

This was led by Centrepoint Group, which was the only business to have a growth of more than one adviser this week. The licensee’s Alliance Wealth business picked up advisers from AMP-owned Charter and Findex.

Moreover, 20 licensee owners were up by net one each. This included Zurich Financial Services and Spark Financial Group.

Last week, Money Management spoke with Williams about his optimism that adviser losses will be less severe in 2024 due to increasing stability in the profession.

“[The total loss for 2024] might not be so severe. This year we’re coming off a steadier time. This time last year was steady but still quite volatile because the financial adviser exam was still relatively fresh and there was some confusion over their experience pathway. Whereas now, I think many advisers believe most of that is under control now,” he explained.

“Everything now is much more steady and clearer. People are more focused on the future now, so I don’t think [2024’s net change] will be as volatile.” 

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