Third straight week of adviser losses
The financial adviser profession has shrunk for the third week in a row, experiencing a net change of negative 28 advisers, according to Wealth Data.
A total of 15 license owners had net gains of 21 advisers while 32 had net losses of -50, with two new licensees commencing and four ceasing.
A new licensee commenced with five advisers, previously with the Sira Group. Spark Partnership Group gained two, one from Count and one from Sentinel. The data showed a tail of 12 licensee owners moving up net one each, including Count Group, AZ Next Generation and NTAA Group.
Looking at losses, the New Zealand-based Craigs Investment Services plunged by net -14 advisers.
“It looks like the ‘FASEA’ exam requirements have caught up with them,” Colin Williams, founder of Wealth Data said.
AMP Group was down negative three, losing two at AMP financial Planning and one at Hillross. Meanwhile, three licensee owners were down a net of negative two including Picture Wealth. The data showed a tail of 27 licensee owners down net -1 including Evans Dixon, Fiducian, Perpetual and Viridian Group.
“Again this week, very few advisers actually switched in the week of reporting,” Williams said.
“Only two this week, may have been impacted by the holidays. However, this low switching rate has been constant all of 2022 so far.”
Overall, for 2022, 11 licensee owners with 100 or more advisers had gained a net 87 advisers with 157 licensee owners that had 20 or less advisers gaining 259 advisers.
As for losses year to date, insignia were at -67, informing the Australian Securities Exchange (ASX) that they did not expect things to stabilise until July 2022. Craigs Investment was down -50 followed by AMP Group at -39.
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