H2 2022 characterised by strong growth in new entrants
Wealth Data has noted the strength of new entrants joining the industry in the second half of the year, as 23 provisional advisers join this week.
In the week to 22 December, 23 provisional advisers commenced and two ceased following 20 joining in the previous week.
In total, there was a net negative change of nine advisers this week, 38 licensee owners had net gains of 52 advisers and 40 licensee owners had net losses of 61 advisers.
Key growth licensees included Centrepoint, up by five, WT Financial which was up by three and Bombora which was up by two.
Losses were dominated by AMP, Diverger and Insignia which all lost five each while a tail of 31 licensees were down by one.
Colin Williams, founder of Wealth Data, said: “The one big positive that has occurred during 2022, particularly in the second half, has been the improvement in the number of new entrants.
Since 2019, all new advisers must commence as a provisional adviser and after completing the Professional Year and financial planning exam, they become an ‘adviser’ with a year start date.
“2022 has been much stronger than previous years, particularly the last two quarters. Let’s hope that this will continue through 2023.”
AUTHOR
Laura Dew
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