Another positive week for adviser numbers
The pace of advisers leaving the industry has stabilised for a second week in a row, with a net change in adviser numbers (+3) in the positive territory, as according to Wealth Data.
This week saw an increase in adviser numbers to 17,298, with 30 licensee owners having posted net gains of 65 advisers while 37 licensee owners saw a departure of 60 advisers.
“We now have two weeks of gains which is great to see. While the net growth of 3 indicates a quiet week, it was in fact a busy and interesting week to review,” Wealth Data’s director, Colin Williams, said.
Fiducian, which earlier this week announced positive financial results for HY ended December 31, 2021, continued to sign over advisers from People’s Choice Credit Union, a company which had been recently acquired by Fiducian and helped to grow Fiducian by 11 advisers this week.
Following this, PSK Financial Planning, which now owns ipac, also posted a net growth of seven advisers during a single week, even though most were moving from across Stature Group which had been previously licensed under Hillross Financial Services.
“What is interesting is that PSK commenced and still has a strong team of advisers under Charter. One to watch over the coming weeks and months, “ Williams said.
This week also saw a new licensee commence with five advisers all moving away from RI Advice while at the same time Count also posted a net increase of five advisers, who came all from four different licensees.
Additionally, four licensee owners were up two advisers, including another new licensee, and 18 licensee owners saw an arrival of one adviser and this included Synchron, Macquarie, Steinhardt (Infocus) and two new licensees.
As far as the losses for the week were concerned, Insignia and AMP continued to lead the losses, with a loss of six advisers each and the majority of advisers switching to other licensees. Also, two licensees were down (-4), including Fitzpatricks which had lost a practice which would be expected to re-surface as a new licensee next week, according to Wealth Data.
Looking at the year-to-date data, for licensee owners that had more than 20 advisers, Count led the way with 19 new advisers followed by Castleguard Trust (Lifespan) with 12 and Industry Super Holdings which was up by 11.
Also, there were 30 licensee owners who had 20 more advisers with positive net growth, with a total net growth of 108 advisers between them.
As far as year-to-date losses were concerned, Insignia was down by (-38), and was followed by AIA Group, which was down (-9) and WT Financial (Wealth Today and Sentry) which was down by (-8).
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