MLC, IOOF and AMP start the year with adviser exits

MLC, IOOF and AMP have reported the biggest losses in adviser numbers so far this year. 

This confirms the trend that advisers are departing major institutions, as they recorded the loss of 50, 36 and 27 adviser roles, respectively, for the year-to-date, according to the analysis by HFS Consulting. 

Last week Money Management reported the combined loss of advisers (252) for IOOF/MLC group since August 2020, when IOOF acquisition of MLC Wealth was first announced putting the group almost on par with AMP in terms of adviser losses. 

However, it looks like such an outcome was not unlikely for IOOF as its chief executive Renato Mota confirmed earlier this week he had expected adviser departures.

Net change in adviser roles year-to-date 

Source: HFS Consulting 

At the same time, the gains at the top of the table were more evenly distributed, with Count Group, which currently has close to 250 advisers, taking the top spot. 

Net Change in adviser roles year-to-date 

Source: HFS Consulting 

As far as the gains for the week were concerned, in total 37 licensees increased their net number of adviser roles by a total of 47 roles and four new licensees commenced, accounting for a total of 13 new adviser roles, according to HFS’ data. 

On the other hand, GWM Adviser Service (MLC) and The Advice Exchange both lost seven roles each while AMP Financial Planning and Axies (owned by Spark Financial Group) were down four adviser roles each. 

However, those four adviser roles lost were the advisers who remained at Spark Financial Group’s other licensee Aura Wealth and the four advisers previously held two roles, one each at Aura and Axies, HFS Consulting’s director Colin Williams explained. 

“This week’s analysis of the Australian Securities and Investment Commissions (ASIC’s) Financial Adviser Register (FAR) shows a reduction of four adviser roles from 20,906 to 20,902 while the number of actual advisers remained static at 20,569,” he said. 

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