Over 1,200 advisers quit year-to-date
Exactly 1,229 advisers have been listed as ‘resigned’ year-to-date, meaning their current status on the Financial Adviser Register (FAR) is ‘ceased’, according to Wealth Data’s weekly analysis on adviser movements.
What is more, of this, 266 advisers disclosed publicly that they had passed the Financial Adviser Standards and Ethics Authority (FASEA) exam.
Wealth Data’s director, Colin Williams, said that the number was more likely to be closer to over 300 when allowing for a factor to gross up the amount for those who had passed but revealed their result publicly.
This week, the reshuffling in adviser numbers settled after the industry experienced one of the biggest shifts last week as IOOF finalised its acquisition of MLC Wealth.
Following this, many of ex-MLC advisers, who were previously identified as not registered on the ASIC’s FAR, resurfaced this week at IOOF-owned Actuate Alliance Services which gained this week 27 advisers.
At the same time, Aware Super saw a departure of 23 advisers roles, a move that was signalled by the firm a few weeks earlier.
However, the move of the week undeniable belonged to IOOF which after assigning all advisers to licensees had confirmed its lead over AMP Group in terms of a size, ending the week with 1,493 roles operating under its umbrella. This lead was compared to AMP Group’s 1,414 and expected by many which Money Management first reported at the beginning of June.
As far as the other changes of the week were concerned, a total of 74 appointments were made, with four being provisional advisers which indicated that 70 advisers effectively switched licensees.
Following this, 131 resignations gave the net change of (-57) which meant that after excluding the provisional advisers, 61 adviser roles dropped off the ASIC’s FAR this week.
The number of actual advisers dropped this week by 54, a much lower figure compared to last week, and stood at 19,796.
Source: Wealth Data
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