The financial planning peer group continued to be the only segment that saw new licensees this week, while the total adviser numbers stabilised at 17,249, posting an insignificant drop from 17,251 last week, according to Wealth Data.
The highest growth this week belonged to Prosperity Wealth Advisory which commenced with seven advisers, after they had left the AMP Group’s Hillross. At the same time, Insignia ended the week in the green with three more advisers, after having hired four and lost one to Count.
As far as the losses were concerned, Escala saw a departure of six advisers, as according to the Australian Securities and Investments Commission (ASIC’s) Financial Adviser Register (FAR). However, according to Wealth Data, these advisers may have stayed within the company but were no longer providing retail advice.
Following this, there were four licensee owners who had lost a net two advisers including Australian Unity, Fiducian and The Loan Market group which continued to run down their adviser team, and a very long tail of 36 firms this week having lost one adviser, including one licensee down to zero advisers.
However, the year-to-date data indicated that Insignia continued to lead the way down in terms of losses and was (-44) advisers down, making it a large gap compared to AMP which was down at 17.
AIA continued to lose advisers and was now down 11 while Findex lost 10 advisers so far along side FSSSP (Aware Super).