AMP enjoys rise in adviser numbers
Australia’s largest financial advice licensee has led adviser growth over the past week, according to Wealth Data.
The advice profession enjoyed a net gain of four advisers in the week ending 10 October, with overall numbers now at 15,524.
Some 15 new entrants joined the industry, marking the fifth consecutive week of double-digit growth in new advisers entering the Financial Advisers Register (FAR).
Five licensees ceased over the week and two commenced operations, while 72 advisers were active with appointments and resignations.
Examining the adviser gains, 28 licensee owners reported net increases of 38 advisers in total.
AMP Group, Australia’s largest financial advice licensee, was at the top of the list with a rise of four advisers. This consisted of two new entrants, one adviser returning from a break and another back on the FAR after ceasing temporarily.
Three Australian Financial Services Licensees (AFSLs) gained three advisers each. This included Minchin Moore, SGN Financial and a new licensee with all three advisers leaving from Capstone Financial Planning.
Count were up by two advisers after the licensee appointed three advisers, including two new entrants, and bid farewell to one adviser.
A tail of 23 AFSLs welcomed one adviser each, such as WT Financial Group, Rhombus Advisory, Infocus and Spark Partnership.
In terms of losses over the week, 26 licensee owners experienced net declines of 35 advisers all up.
Capstone lost four advisers after three joined the new licensee, previously mentioned, and one moved to Minchin Moore.
Cervus Wealth declined by three advisers who all joined SGN Financial, meaning it is now down to zero.
Another four AFSLs bid farewell to two advisers each. AAN Wealth’s two remaining advisers joined the rest of their colleagues over at PictureWealth, which recently acquired both AAN Wealth and KNR Investments. This means that AAN Wealth now has zero advisers.
DMR Family Trust (Affinity Private Financial Services), RNB Group and Wealth Leadership Services were also down by two advisers each.
Moreover, 20 licensees lost one adviser each, including Sequoia Financial Group, AIA Company and Bell Financial.
Last week, Money Management reviewed the past three months in terms of adviser fluctuations. Nine out of the 13 weeks enjoyed a growth in adviser numbers, with the remaining five weeks seeing a decline. This was a better performance than six weeks of growth during the same period a year ago.
AUTHOR
Jasmine Siljic
Recommended for you
Adviser numbers have experienced their largest weekly loss year-to-date this week, doubling that of the previous week.
The number of advisers currently using or planning to use artificial intelligence in their practices has risen substantially to almost three-quarters of firms, according to Adviser Ratings.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Large AFSLs with more than 100 advisers are seeing the largest losses in both adviser and AFSL numbers as individuals seek a smaller, personal vision in their work.
