Industry loses 59 advisers this week

The number of advisers in Australia dropped by 59 this week from 18,823 recorded last week, according to data analysed by Wealth Data.

The losses were driven by AMP Group, CBA Group and soon-to-be-closed Commonwealth Financial Planning (CFP) which saw a departure of 12, 10 and nine advisers, respectively, this week.

Additionally, AMP Financial Planning which currently had 635 advisers on its record slipped back to second spot while SMSF Advisers Network regained the top spot as the largest single financial planning group in the country.

This week also saw 35 licensee owners who had net gains of 42 advisers, while 35 licensee owners posted a net loss of 102 advisers.

Also, six provisional advisers were appointed this week while around 65 experienced advisers dropped off the Australian Securities and Investments Commission (ASIC’s) Financial Adviser Register (FAR).

As far as losses year to date were concerned, very little changed as large groups continued to dominate the losses. Synchron, Easton, NTAA, AMP and IOOF all lost over 100 advisers each.

Wealth Data’s director, Colin Williams, said: “To put the losses at the five groups into context, the losses in percentage terms range from (-18.25%) at Easton to (-25.3%) at IOOF with an average of (-21.91%).

“For all adviser groups over the same period the losses are (-9.08%). If we remove the bottom five from the results, the net loss of all advisers would be (-4.55%).”

Source: Wealth Data

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