Over 600 advisers have left industry since December

The overall number of advisers dropped by 603 between 23 December, 2021, and the second week of January, 2022, with many more losses expected in the coming weeks as a result of the Financial Adviser Standards and Ethics Authority (FASEA) exam, according to Wealth Data.

However, the Australian Securities and Investment Commission (ASIC) was in the middle of finding a process on how to update their data sets and this caused a delay in reporting.

According to most recent data, as at 13 January, there were 17,670 current advisers listed on ASIC’s Financial Adviser Register (FAR).

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Source: WealthData

SMSF Advisers Network, which was owned by the National Tax and Accountants’ Association (NTAA), posted the highest loss of 90 advisers. As a result of this, AMP Financial Planning was once again the largest licensee.

Diverger Group (formerly known as Easton Investment) and Sequoia Group saw the second and the third highest number of adviser departures during this period posting a loss of 63 and 34 advisers, respectively.

By comparison, AMP Group which had slightly above 1,100 advisers saw a departure of 14 roles during the same period.

Source: Wealth Data

However, when analysing the data year-on-year, institutional groups were still leading the ranking with three-digit losses each.

Insignia Financial (formerly known as IOOF), which had jointly 1,246 advisers on their books, saw a departure of 190 advisers since January 2021, and was followed by AMP Group which was down by 172 advisers.

CBA took the highest hit with a loss of 194 advisers and SMSF Adviser Network saw a departure of 121 advisers who are no longer listed on the ASIC’s FAR.

Source: Wealth Data

 

 




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Hmmm.... where will it stop?
Does SportsBet have a market on this?

Bhaa, ha, ha ha, Bhagat, ha, ha ha, Haaaaaa! Well done FUCKTARDS!!! All the know everything, non- advisers, and other assorted hangers on, too numerous to mention. My fees will double, I will only take on clients that are NOT a pain in the arse compliance risk and I will sack any client that cannot return in a timely manner the myriad of stupid renewal or trustee advice forms.

I thought CBA was going down to zero. Actually surprised it isn't already, maybe that illustrates the lag with this data?

No surprise that SMSF Advisers Network has seen the biggest drop in numbers. These are people who did the right thing in getting licensed when the accountants exemption was removed. But since then they have seen their unlicensed accountant colleagues continue giving advice without the slightest concern from regulators. Meanwhile those who did the right thing in getting licensed have been constantly beaten up as part of the indiscriminate regulatory persecution regime.

It's much simpler and less stressful to give unlicensed advice. The actions of regulators suggest it's also their favoured option.

I am one of the 600. Do not mind exams provided they are genuine. This current FASEA exam is all about trickery. No wonder there was a 48% failure rate. Well done academics who would not last in our world.

Thank you for this update, but it is about the institutions losing some of their sales people and mostly not advisers.
Given the 31st December has passed aren't we now in Melissa Caddick territory?
What I mean is, shouldn't the rhetoric now be that over 600 unqualified advisers have left the industry?

Another observation, if the instos are losing numbers, then the level of professionalism must be going up?

This is nothing.
There will be only 10,000 advisers left by the end of 2023….possibly less.
Is it any wonder after a decade of regulatory discrimination???

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