For the third year in a row the overall planner numbers across the largest financial planning groups remained almost intact, Money Management’s TOP 100 Financial Planning Groups survey has found.
Despite a decrease of 1.5 per cent (243 roles) in total number of planners this year, and challenges and controversies plaguing the sector, planner numbers have continued to be steady.
The survey found that while major institutional players were restructuring their operations and some had scaled back on absolute planner numbers, a number of larger non-aligned groups had significantly increased their adviser numbers.
Non-aligned group Dover Financial Advisers had the highest single increase of 91 new planners (up 43.1 per cent) this year, while Synchron added 66 planners (up 18.5 per cent).
In contrast, Suncorp made the decision this year to exit the aligned planning sector, while AMP Financial Planning held the highest number of planner departures at 74.
Of the companies surveyed, 65 per cent of dealer groups had reported an increase in the number of planners.
Combined Garvan Financial Planning and MLC Financial Planning, along with Synchron made the top 10 list, knocking out Millennium3 Financial Services, and Professional Investments Services.
The TOP 100 Survey findings also highlighted the wave of mergers and acquisitions.
Centrepoint Alliance recently announced its acquisition of a strategic interest in RFE Group, a specialist in supporting accountants and mortgage brokers and to clients, shortly after another non-aligned group Dixon Advisory and Evans & Partners decided to merge.
Additionally, Yellow Brick Road holdings made a decision to transition to a franchise model and consolidate its staff numbers, a move that followed the prior acquisition of four businesses.
Also, non-aligned group InFocus Wealth Management decided to acquire four advice businesses, while Centrepoint decided to bring all its various businesses under one umbrella.
