Licensee switching ramps up as year-end approaches
Money Management reviews the number of financial advisers active with appointments or resignations throughout the month of November.
According to Wealth Data, some 75 advisers were busy swapping licensees in the week ending 30 November.
The same number of advisers were appointed or resigned during the week prior, while another 65 changed licensees in the week to 16 November.
Some 67 advisers were active in the week to 9 November and a significant 84 moved around in the first week of the month.
In total, 366 advisers were active with appointments or resignations during November. This was an increase from the month of October, which saw 315 advisers move around.
“As we start to look at closing the year, we can expect more volatility in the adviser market,” noted Colin Williams, Wealth Data founder.
The industry gained six advisers this week to 30 November, moving the total number of advisers from 15,688 to 15,694. This was boosted by five new entrants entering the profession.
This calendar year to date, there has been a negative net change of 105 alongside a positive change of 135 for the financial year thus far.
Some 29 licensee owners had net gains of 38 advisers this week, which included Australian Retirement Trust (ART) being up net five. Four of these advisers were from Aware Super.
LFG Financial Services welcomed three advisers and another three licensees were up net two. This included AMP Group, SGN Financial and Financial Services Group.
Moreover, 24 licensee owners increased by one adviser each, such as Spark Partnership Group, Fortnum, Count Group and Beryllium Advisers.
Looking at losses, 24 licensee owners had net declines of 31 this week. Insignia led the trail by losing four advisers.
Diverger was down by two, as well as Macquarie Group losing two following the nine it lost last week.
A tail of 20 licensee owners were down by one each, including the three licensees which ceased – Fiducian, Morgans and Centrepoint.
AUTHOR
Jasmine Siljic
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
Add new comment