Industry loses 126 advisers in lead-up to EOFY

The financial advice profession has again fallen by triple figures, this week recording a loss of 126 advisers in the lead-up to the end of financial year, according to Wealth Data.

Wealth Data’s Colin Williams said some of these losses would find their way back onto the Financial Adviser Register next week, but an insufficient volume to offset losses with the industry now standing at 16,404 advisers.

The last week of June was typically the weakest, Williams said, while the following was the strongest as advisers began the new financial year.

This week was one of the weakest weeks of appointments so far with the largest being Hejaz where three new advisers switched from Synchron and Affinia and another joined after being out for two years.

A total of 10 licensee owners had net growth of one including one licensee that had recommenced.

Losses this week were dominated by Insignia, Diverger and WT Financial Group, down 15, 14 and 11 respectively and Williams said it would likely advisers from those groups that appeared at new licensees.

A further 14 licensees closed accounting for a net loss of 20 advisers with other notable net losses this week including, AMP down (-5), Capstone (-4) and Castleguard (Lifespan) down (-4).