Less than 10 advisers leave this week

There was a notable improvement in the number of adviser exits this week with less than 10 advisers leaving.

In this week’s figures from Wealth Data, there was a net change of nine advisers from 16,544 to 16,535 advisers.

This compared to 89 advisers in the previous week and followed a troubled four weeks with about 500 advisers leaving the profession.

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Some 21 licensee owners had net gains of 25 advisers while 33 licensee owners had net losses of 38 advisers while two new licensees commenced.

In positive news, six provisional advisers commenced including two at William Buck and there were signs ceased advisers were returning.

Colin Williams, founder of Wealth Data, said many firms would have lost established advisers in the ‘adviser exodus’ and there were now signs of improvements as they sought to recruit.

“We have seen this year that many advisers are finding their way back into advice after some time away.

“It makes sense for firms to be hiring ceased advisers who are qualified. After a massive fallout at the end of 2021, many firms will have lost established advisers and now need someone who is qualified to service existing clients.

“The alternative is to start new ‘provisional advisers’ but as we know, it can be a slow process to get them up to speed.”

The most significant reduction in advisers came from the closure of 13 small licensees, accounting for 15 advisers.

Other losses by licensee owners included Christopher Maceachren (Wealth Trail), FSSSP (Aware Super) and Industry Super Holdings down two each.

In growth, William Buck (NSW) led, adding three advisers with two being provisional advisers. Steinhardt Holdings (Infocus) was up by two advisers, with one adviser formally from ANZ and the other from Charter. Count Financial was also up by two advisers, with one coming from Skybridge and another being a new provisional adviser.

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Just out of interest has there ever been a positive week (more people joined than left)?

Is MM trolling us now? Celebrating the loss of 9 advisers in a week as a good outcome? Perhaps read the mental health survey results and have some empathy. Those 9 advisers are real people not numbers. They have families, they have clients, who have no doubt been thrown into dissaray.

I think that a lot of advisers are not wanting to abandon their clients at the moment. This is a tough period and we care about how our clients are doing and feeling.

To the advisers out there, especially the younger ones that didn't go through the GFC, the next few months (hopefully only a few) are going to be tough, you will cop a lot of blame and anger. Remember it's not your fault, you don't have a crystal ball and you are only doing what you think is best. The market will recover, bonds will recover, income will recover and the key will be ensuring your clients know this and know that you are available to talk and listen, listen (2 ears 1 mouth).
All the best.

More to exit due to a share market downturn. Since 2009 any downturn has been a buying opportunity. Try coming to work in real recession being ear bashed by clients for 1- 2 years. Day after day, after day, after day....My point being this job ain't all beer and skittles at the best of time and bad legislation needs to be urgently addressed before good advisers walk away.

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