IOOF Group lose over 400 advisers since January
IOOF Group has lost 414 advisers since the start of the year, posting one of the heaviest adviser losses among the largest groups, and has seen its adviser number operating under its umbrella drop to 1,400 at the end of September.
According to Wealth Data, when IOOF announced its acquisition of MLC in August, 2020, it highlighted a combined group of 1,884 advisers.
IOOF was followed by AMP Group and National Tax and Accountants Association (NTAA) which posted a loss of 279 and 181 advisers, respectively, at the end of Q3.
The total number of current advisers dropped further this week to 18,932, after 47 new appointments and 80 resignations were registered.
Source: Wealth Data
Further to that, 24 licensee owners posted net gains for 30 advisers and 32 licensee owners posted net losses of 65 advisers.
According to Wealth Data, after deducting the three new provisional advisers, the net losses of experienced advisers amounted to 36 this week, continuing the earlier trends with 43 losses last week and 37 losses two weeks ago.
As far as the biggest losses this week were concerned, New Zealand-based group, Craigs Investment Partners, saw a departure of 14 advisers who were not elsewhere appointed.
At the same time, WT Financial Group saw a departure of five advisers as Wealth Connection had moved from Sentry Advice, currently owned by WT Financial Group, to Infocus.
Sources: Wealth Data
AUTHOR
Oksana Patron
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
