Advice industry falls after uptick
The number of advisers in the profession has fallen by 24 this week, with this week’s losses mainly driven by Insignia and AMP.
According to Wealth Data, the advice industry now sat at 17,173 advisers, with the two largest groups, Insignia and AMP both seeing a busy week of appointments and resignations.
AMP closed out the week appointing three and losing 13 while AMP had four appointments and 12 resignations.
Count had its first negative week in a while, down a net of four, gaining one adviser and losing five, while TAL (Affinia) also lost a net of four – neither Count or TAL’s losses were appointed elsewhere.
Elsewhere, advisers at CBA and Independent Financial Advisers Australia fell a net of three along with seven licensee owners losing a net of two, including Fortnum, FSSP (Aware Super) and Hood Sweeney.
Looking at growth, a total of 38 licensee owners had net gains of 51 advisers and 41 licensee holders had net losses of -74.
Eight new licensees were registered, adding 14 advisers while seven licensees closed.
And it was a good week for provisional advisers with nine being appointed.
“Outside of the new licensees, Diverger grew by three advisers, the net growth was at GPS who picked up two advisers from Shartru and one Provisional Adviser, while Paragem lost and gained one adviser,” Wealth Data founder, Colin Williams said.
Seven licensee owners had a net growth of two, including Picture Wealth, with one adviser joining from Euroz and the other from Eastwoods Wealth Management. Meanwhile Oreana moved into growth territory, adding two with one adviser from Hillross and another starting as a new Provisional Adviser.
A total of 28 licensees had a growth of net one including Steinhardt Holdings (Infocus), Shartru, Perpetual and HESTA.
AUTHOR
Liam Cormican
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
