Backtrack as adviser numbers return to losses
Wealth Data has revealed a “disappointing” double-digit loss in advisers after a positive January.
Data for the week to 2 February showed there was a negative loss of 26 advisers.
This compared to a net loss of 36 advisers in the three months from 1 November to 2 February led by AMP Group and MCA Financial Planners.
During the past week, some 20 licensee owners had net gains of 25 advisers but this was offset by 22 licensee owners who had net losses of 50 advisers.
Six provisional advisers commenced and one ceased while one new licensee commenced.
ASVW Holdings were up by four after picking up a practice from Consultum (Insignia), Terrell C.G. Hyman (Alpine Financial Advice) picked up two advisers from Synchron and Canaccord picked up two.
A total of 17 licensee owners had net gains of one adviser each.
In terms of losses, Bombora Advice was down by 14, Australian Unity was down by eight after losing a large practice from New South Wales which commenced its own AFSL and Insignia was down by seven.
The research house noted the Bombora advisers were expected to reappear at Zurich Assure in the future once it had commenced its own AFSL.
Founder Colin Williams, said: “The initial numbers are disappointing after a solid start to the year. However, we can confirm that a large portion of advisers lost this week have switched licensees and will reappear on the ASIC Financial Advisers Register (FAR) soon”.
AUTHOR
Laura Dew
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