Advice industry records slight decline
The financial advice industry has declined by eight advisers to 16,400 this week with the financial year still looking strong, up 150 compared to 82 for the corresponding period last year, according to Wealth Data.
In growth this week, Ethical Planners Pty Ltd, (How To Retire Early) was up by four with three advisers moving across from National Advice Solutions.
ACT-based BLA Parker (Barnett Lilley) jumped by three with advisers who are still showing as authorised at Parker Wealth. Three licensee owners were are up net two, including Viridian, Bombora and Gary Thoroughgood (Vision Planning), with Vision Planning gaining their advisers from MCA Financial Planners.
Fifteen licensee owners had net gain of one including WT Financial Group, Highfield Group, Capstone and Australian Unity.
Looking at losses, Findex Group was down a net of four, losing five and gaining one. Gail Glasby (National Advice Solutions) was also down by net four with three advisers moving to Ethical Planners.
Oracle Investment Management fell by three while four licensee owners dropped by two including Insignia, Shaw and Partners and Telstra.
A total of 15 licensee owners dropped by one including Sequoia, ANZ Bank, Euroz, Fiducian and Unisuper.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.