No new licensees established
The number of advisers has fallen by 29 from 17,173 to 17,144, according to Wealth Data, a similar result to the previous week’s decrease of 24.
Data to 14 April was dominated by a large number of licensees closing, with 14 closing for a loss of 17 advisers. A total of 10 of these licensees belonged in the accounting - limited advice peer group.
Importantly, 10 adviser ‘resignations’ were backdated to December 2021, indicating many small licensees were still coming to terms with complying with the Australian Securities and Investments Commission (ASIC) requirements for updating the Financial Adviser Register (FAR) for their adviser movements.
Colin Williams, founder of Wealth Data, said: “For the first time in a very long time, no new licensees were established this week.”
Sequoia was the only licensee owner to have net growth of more than one by gaining four advisers with three advisers coming across from Consultum. Meanwhile, 21 licensees had net growth of plus one including Count, AMP Group and Perpetual.
Bannister Consulting (Sira Group) fell a net of six with none of their advisers having been reappointed at this stage. Insignia dropped a net of four and YOC Holdings was down a net of three, falling to zero advisers.
A total of five groups were down by net of two, including Centrepoint and WT Financial Group. This week’s data showed a long tail of 31 licensee owners down one, including 12 licensees that went down from one to zero.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial managing director, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
