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.
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.
AUTHOR
Laura Dew
Recommended for you
With licensee switching on the rise, particularly for newer advisers, compliance expert Sean Graham has shared red flags to watch out for when making the jump between AFSLs.
Beyond their investment benefits, over a third of advisers say utilising managed accounts solutions has allowed them to take on more clients, according to Praemium.
Insignia Financial’s wrap platform has appointed Heidi Press, former HUB24 head of product management, to spearhead the design and delivery of the MLC Expand platform.
Altus Financial, based on NSW's Central Coast, has announced a merger with advisory firm Fortunity to strengthen its presence in the region and expand its service offerings.
