Almost 60 advisers leave this week
The number of actual advisers dropped by 58 to 20,095 this week as the licensees continued to clean their adviser books before 30 June, according to the analysis by HFS Consulting which looks at weekly adviser movements of the ASIC’s Financial Adviser Register (FAR).
At the same time, the number of adviser roles declined by 73 to 20,453.
The steps taken by AMP this week, which saw AMP-owned licensees reduce the number of advisers who were authorised across its three licensees (Portfolio Planning Solutions, PPS Lifestyle Solutions and ipac securities), explained the difference between adviser roles and actual advisers.
HFS’ director, Colin Williams, said that none of the advisers actually left the AMP Group and there were still a couple of advisers who still operated under all three licensees, with two advisers having two adviser (representative) numbers each.
“As a result of the changes at AMP, the number of advisers that are authorised to provide advice under three licensees dropped from 19 to 12. The variance between the number of advisers and actual advisers dropped from 373 to 358,” he said.
Commenting on the losses for the week, Williams said the changes this week were dominated by three licensees, all losing 10 adviser roles each, however none of the advisers had actually left their business.
“Ten roles at JBWere were lost, none appeared to be front-line Advisers. We saw a similar move earlier in the year by ANZ Bank removing non front-line Advisers off the ASIC FAR,” Williams said.
Following this, AMP-owned Portfolio Planning Solutions and PPS Lifestyle Solutions saw a loss of 10 adviser roles each, with all being authorised to provide advice at both licensees and all remaining at AMP under ipac.
At the same time, AMP Financial Planning and Financial Services Partners saw a reduction of eight and seven adviser roles, respectively.
At a licensee owner level AMP Group lost 33 roles, and was followed by NAB as NAB-owned JBWere lost 10 and MLC Group lost six adviser roles. IOOF Group, which was consistently moving advisers across licensees, lost four roles this week.
On the other hand, Centrepoint Group remained the largest group (10th overall) that saw a positive growth record counting year-to-date and has currently 324 advisers with a growth of 10 year-to-date or 3.18%.
Taking into consideration groups that have 200 or more advisers, according to HFS’ analysis Count saw the largest gain year-to-date by 6.72% (16) to now having 254 advisers and was followed by Fortnum
with a growth by 5.02% (11) taking their total adviser roles to 230.
Year-to-date figures by the top five licensee Owners
Source: HFS Consulting
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