Advice industry grows for second week
The number of financial advisers increased by nine this week to 16,415 due in part to most resignations being filed for the previous financial year and most appointments being filed for this financial year.
Wealth Data’s analysis showed 32 licensee owners had net gains of 54 advisers while 30 licensee owners had net losses of -42.
Steinhardt Group (Infocus) had a strong week, up six after capturing a practice from AMP Financial Planning along with two additional advisers from ANZ. Meanwhile, a new AFSL commenced with six advisers and another with five.
Amanda Cassar (Wealth Planning Partners) had a practice join from RI Advice for a net growth of four while five licensee owners had net growth of two each including WT Financial Group and Centrepoint. And a total of 23 licensee owners had a net gain of one, including Count Group and Advice Evolution.
In losses, Diverger topped the list, losing four with three from GPS wealth and one from Merit Wealth. An additional three licensee owners were down three each including Insignia who put on four advisers and lost seven.
A further three licensee owners were down two including Viridian. A tail of 23 licensee owners were down one each including Fortnum, Wilsons and ANZ Bank.
AUTHOR
Liam Cormican
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
