First week of adviser losses for FY23
The financial advice industry has seen its first negative week of losses for the financial year, losing five, although the net gain for the year is still solid at 174, according to Wealth Data.
It was a quiet week of adviser movement which was usual after the rush around the financial year, Wealth Data founder, Colin Williams, said.
In growth, four licensee owners were up two including WT Financial Group and Sequoia while 19 licensee owners had net gains of one adviser each including Telstra Super, Fiducian and Capstone.
In losses, AMP Group had another tough week, down 11 while Charter had a net loss of six advisers and AMP Financial Planning lost five. Centrepoint was down five and FSSSP (Aware Super) was down three. A total of four licensee owners were down two including Insignia and Macquarie. A tail of 12 licensee owners were down one.
Three licensees closed in the week to 29 July for the net loss of (-3) adviser roles.
Williams said: “Now that the effects of the financial year have rolled through, it is interesting to see how the licensee owners have fared over this period of time”.
Of note in the last two months, Steinhardt Holdings (Infocus) was up the most at 11, followed closely by Count at 10. AMP Group had the largest loss at -44 followed by ANZ Bank at -35 and Insignia at -33.
AUTHOR
Liam Cormican
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
