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
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
