Macquarie Group sees largest weekly adviser losses
Macquarie Group’s releasing of nine financial advisers has driven double-digit losses for the industry this week.
The financial advice profession saw a net decline of 12 advisers in the week to 23 November, according to Wealth Data.
Looking at Macquarie’s losses on a licensee level, both Macquarie Bank and Macquarie Equities were down by seven advisers each.
“However, most of the advisers were authorised at both licensees,” Colin Williams, Wealth Data founder, noted.
The current number of advisers stands at 15,688, with a net decline of 111 for the calendar year to date and a positive change of 129 for this financial year.
Overall, 23 licensee owners had net losses of 44 advisers. Following Macquarie Group, Capstone Financial Planning was down by four advisers.
The firm lost 13 advisers this month alone and said farewell to 17 over the past three months, Williams observed.
Both Insignia Financial and Mercer saw declines of three advisers each.
Six licensees were down by two each, including Viridian, PictureWealth and Sequoia Financial Group, while 12 owners lost one adviser each.
In terms of weekly gains, 24 licensee owners saw net gains of 33 advisers.
Centrepoint led the pack with three new advisers at Alliance Wealth.
Six licensees increased by two advisers each, such as WT Financial Group, Spark Financial Group, Diverger and SentinelWealth.
Some 17 licensee owners welcomed one adviser each, including Clime Group, Australian Retirement Trust and AMP.
This week saw just two new entrants join the industry, one of the smallest numbers recorded this year.
AUTHOR
Jasmine Siljic
Recommended for you
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
