FY23 sees growth of 130 advisers
Almost 40 provisional advisers have joined the industry in the past two weeks while there has been a positive gain for the second consecutive week.
According to the latest Wealth Data research over the week to 15 September, there was net gain of three advisers following a gain of 12 in the previous week.
Some 38 licensee owners had net gains of 47 advisers and four new licensees commenced. There were net losses for 29 licensee owners while four ceased.
Over the financial year to date, the number of advisers was positive at 130 compared to zero growth at the same point last year. This included 37 at Count, 18 at MBS Advice and 16 at PSK.
However, it was likely losses would flow through over the coming weeks as advisers who had failed the financial adviser exam came off the Financial Adviser Register.
Looking at provisional advisers, 14 joined this week and one ceased.
Colin Williams, founder of Wealth Data, said: “What may be surprising to many, is the low take up of new advisers operated by superannuation funds. In total, on 10 new advisers which represent 1.31% of all their current advisers.
“By contrast, licensees in the Accounting - Financial Planning business model have proportionately the highest number at 5.07%. This could be due to being attached to accounting groups who may have more experience at hiring new professionals.”
AUTHOR
Laura Dew
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
