Planner numbers fall for fourth year
The numbers of financial planners has declined for the fourth year in a row with both institutionally and non-institutionally aligned groups loosing planners in the last 12 months according to data gathered for the Money Management Top 100 Dealer Group Survey.
The annual survey, which examines the size of financial planning groups by planner numbers, client numbers, funds under advice and other key criteria, found that planners numbers within the Top 100 had fallen to around 15,100, down from 16,000 in 2013. Planner numbers in the Top 100 peaked in 2010 at just over 17,400 planners but have fallen every year since.
Institutionally-aligned planning groups held by AMP, the four leading banks, IOOF, Perpetual, Australian Unity, Perpetual and others shed 358 planners in the last 12 months, dropping 3.2 per cent on last year's figures to hold around 10,800 planners among 40 planning groups.
The number of planning groups owned by institutions also fell as licenses were cancelled and planning groups combined with AMP, CBA and IOOF merging planning groups.
The drop was near four times larger among the non-institutionally aligned sector which dropped 11.7 per cent, or 559 planners in the last 12 months to hold 4218 planners among 60 planning groups.
The Money Management Top 100 Dealer Groups Survey will be out this Thursday.
Recommended for you
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.
