Advice industry declines by four
The financial advice profession has fallen by four to 16,394 with the financial year still looking strong, adding 152 compared to 76 for the corresponding period last year, according to Wealth Data.
In positive news, eight provisional advisers were appointed.
Meanwhile, LFG Financial Services and Janus Financial (First Financial) gained net thee (all of Janus Financial gains being new Provisional Advisers).
A further four licensee owners were up two including Perpetual, MWL and MIQ Capital Partners. Some 21 licensee owners moved up one including Shartru, Oreana, HESTA, Castleguard (Lifespan) and ASVW Holdings.
In losses, AMP Group had another tough week with a net loss of six advisers, putting on two and losing eight.
Diverger fell by four with the remaining six advisers at The SMSF Experts leaving, two of which moving to Merit. A small licensee closed accounting for three advisers while Clime Group also fell by two. A long tail of 26 licensee owners were down by one including Centrepoint, Fiducian, Macquarie Group and NTAA.
A total of seven licensees effectively closed, with a number of these backdated into last year. In total they accounted for the loss of 14 advisers, with only a small number appointed elsewhere.
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