AMP Financial Planning has regained its top spot as the largest individual licensee with 644 advisers, as this week the SMSF Advisers Network continued to lose advisers with its overall number falling to 639.
According to the Wealth Data, the SMSF Advisers Network lost 191 advisers year-to-date while AMP Financial Planning lost 166 advisers during the same time.
The number of advisers this week continued to drop with the loss of 29 advisers and the overall number falling to 18,843.
This week also saw 23 licensee owners post net gains of 28 advisers while 33 licensee owners reported net losses of 59 advisers.
IOOF disclosed a net loss of eight advisers, the highest single loss this week, despite hiring three new provisional advisers, while AMP Group made a rare appearance on the week-on-week growth page gaining net one adviser.
Commenting on the losses this week, Wealth Data’s director, Colin Williams, said: “Expect a small number of ‘lost’ advisers reappear next week under their own ‘self-licensed’ arrangements. NTTA also down (-8) all from SMSF Advisers Network. They had nine resignations, none have reappeared as being current elsewhere and gained one adviser from Politis Investment Strategies”.
Looking at the new and closed licensees since the start of the year, new licensees for the financial planning peer group providing holistic advice saw the largest growth of new licensees at 97, despite the number of advisers in this peer group dropping by around 1,000 (or 7.82%), the data found.
Source: Wealth Data