June sees spike in ceased advisers on FAR

Wealth Data financial adviser register new entrants

23 June 2023
| By Laura Dew |
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The number of ceased advisers has risen by 73 advisers since the start of June and further losses are expecting in the run-up to the end of financial year.

Research by Wealth Data at the start of June found there were 365 ceased advisers on the Financial Advisers Register (FAR) since the start of 2023. This equated to 17 advisers per week. 

At the time, Wealth Data noted this was double the number of new entrants coming into the industry, which was 146, and represented 2.3 per cent of total advisers on the FAR.

Some 36 of these 365 had commenced as an adviser pre-2010 and another 133 commenced between 2015 and 2018. Some 61 had commenced between January 2010 and December 2014 and the smallest volume (35 advisers) had commenced post-2019, 12 of whom were provisional advisers.

However, in the first three weeks of June, some 73 advisers had ceased which equated to 24 advisers per week.

This brought the overall total to 438.

Wealth Data founder, Colin Williams, said: “With the end of June fast approaching, we can expect further losses. On the upside, we did see ASIC announce that 122 advisers passed the Financial Adviser Exam, and we should see more of these successful candidates come onto the FAR.”

Looking at weekly data for the week to 22 June, Williams said there had been a net loss of 17 advisers which contributed to a net loss of 21 since the start of 2023. This was up from losses from 15 advisers in the previous week.

Some 19 licensee owners had net gains of 24 advisers and 29 licensee owners had net losses of 46 advisers. Two new licensees commenced and two ceased.

One of the new licensees commenced with three advisers, all of whom were initially at Synchron which is now owned by WT Financial. Three licensee owners were up by net two advisers including AMP Group and superannuation fund Australian Retirement Trust.

For losses, Robert Purcell (Novatax) reduced to zero advisers after seeing eight departures during the week. Wealth Data noted most had commenced at a new licensee earlier and took a few weeks to be removed from the Novatax licensee. 

Insignia was down by six with seven departures and one new entrant and five licensee owners were down by two including Shaw and Partners, Fortnum and Bell Group. 

More than 20 licensees were down by one adviser this week including Diverger, Fitzpatricks, Capstone and Perpetual. 

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