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
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, a Wilsons Advisory report suggests the ongoing gender imbalance in the advice profession could prove a challenge to this process.
Danielle Press, a former ASIC commissioner, is to chair a new AFSL committee set up by Sequoia which seeks to improve governance practices and review its approved product lists.
