Exam passes push adviser numbers back to positive
On the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, regaining its positive momentum.
Earlier this week, ASIC released results from the adviser exam held in August, which saw some 221 candidates attempt the exam with a pass rate of 68 per cent.
According to the latest analyst from Padua Wealth Data, the profession has now seen 143 new entrants for the financial year to date, including the 17 for the week ending 11 September.
As a result, adviser numbers had a weekly net gain of 10, bringing the industry total to 15,417, though they are still struggling to recover from significant June losses, as the net change for the calendar year to date still stands at a loss of 57.
Looking at the weekly movements, some 65 advisers were active in appointments and resignations this week, and four licensees ceased, while zero commenced.
In licensee shifts, some 30 licensee owners had net gains of 34 advisers for the week ending 11 September, with Morgans Group gaining two from GPS Wealth and Ord Minnett Group picking up one adviser from Morgan Stanley, while another rejoined after a three-year break from advice.
Notably, ASET Wealth Management showed a net growth of three advisers. However, Padua Wealth Data founder Colin Williams said this was “an accidental growth” as a result of advisers switching within their AFSL and crossing the cut-off reporting dates.
With the previous week showing a net loss of three for the firm, Williams said this meant there was no actual growth for ASET in September.
Meanwhile, a long tail of 27 licensees was up by net one adviser each, including Lifespan, Oreana, and Solomons Wealth Management, with the growth attributed to new entrant appointments.
At the other end, Bank of Queensland lost its three remaining advisers, while Step Up Financial Group also lost its last two advisers to Australian Financial Planning Group, with both firms now down to zero advisers.
Count Limited was also down by net two, with both moving to Morgans, and a tail of 18 licensee owners was down by net one adviser each, including Infocus, River X Financial Services, and Sequoia.
AUTHOR
Shy-Ann Arkinstall
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Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
