GWM and IOOF keep losing advisers

GWM Adviser Services topped the list in terms of the largest net loss of adviser roles after another 12 roles were removed this week and after the loss of five roles last week, according to HFS Consulting data. 

At the same time, two of IOOF’s associated groups saw nine people in adviser roles leave.

These groups were Financial Services Partners and Godfrey Pembroke which saw their adviser headcount reduced by five and four roles, respectively, while AMP-backed Charter Financial Planning saw the second largest weekly losses at six.

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“This means that combined MLC/IOOF Group is now beginning to challenge AMP Group for most losses, with MLC/IOOF combined loss sitting at -222 and AMP Group at -253,” HFS director Colin Williams said.

Source: HFS Consulting

According to Williams, during this busy week in terms of adviser movement and the first full week of reporting, as a result of everyone getting back to work, the actual number of advisers further dropped to 20,616, but it was worth to remember that there were also close to 90 new appointments made, 85 switches and four new provisional advisers roles were added.

In total, this week 43 licensees had a net gain of adviser roles and 47 licensees had a net loss of adviser roles. At the same time, new licensees commenced for a total of nine adviser roles and three licensees effectively closed for the loss of six adviser roles.

“Wealth Trail Pty Ltd who traded under the name of Freedom Finance Australia (FFA) gained nine roles and now has 23 adviser roles,” Williams said.

“22 of the roles have come in the last 3 months. FFA appear to have formed alliances with various licensees and are now consolidating under one main licensee of Wealth Trail.”

Count Financial saw the arrival of six new roles, mostly from Godfrey Pembroke, and GWP Financial Services (Grange Wealth Advisors) gained five advisers, with the majority coming across from Bridges Financial Services, taking their total to six.

Following this, Futuro gained four new roles, mostly at the expense of AMP-owned Hillross Financial Services.

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So what was the net loss for the week/month?


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