Advice industry hits 100 gains YTD
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Wealth Data has reported a net rise of four advisers for the week ending 6 March, bolstered by 11 new entrants and marking a net increase of 100 advisers for the calendar year to date, bringing the current number of advisers up to 15,575.
In addition to the new entrants, this week saw five new licensees commence and 107 advisers active in appointments and resignations, more than twice as many as the prior week (as at 27 February).
Breaking down movements among licensees, Oreana Financial Services gained five advisers, four from Fitzpatricks Private Wealth and one from Alliance Wealth – owned by Centrepoint Group.
Centrepoint Group also managed a net gain of five advisers this week, three of whom were previously with Fortnum – which is owned by Entireti.
One of the newly minted licensees gained three advisers, two from Madison which is owned by Infocus and one from Amalgamated Financial Services. PictureWealth Group also saw three new advisers join this week, two of which were new entrants while the other was from Millennium3 owned by WT Financial Group.
Furthermore, United Super and Minchin Moore Private Wealth both saw a net gain of two advisers, with United scoring one each from Mercer and Bridges, and Minchin taking on two of the new entrants from this week.
Another 28 licensee owners reported a net increase of one adviser each, including Politis Investment Strategies, Ord Minnett Group and Euroz Hartleys Group. The other four new licensees all commenced with the one adviser.
Looking at declines, Entireti was down by net six, four of whom switched to Alliance Wealth and one adviser commenced their own AFSL.
Earlier this week, Entireti announced that the AMP advice division it acquired last December would be rebranded as Akumin, including AMP Financial Planning being named Akumin Financial Planning.
Exelsuper Advice and Findex both reported a net loss of five advisers, with those from Exelsuper all moving to SGN Financial AFSL, and none of those previously with Findex appointed elsewhere yet.
Count, GPS Wealth and Fitzpatricks saw a net loss of three each, while Lifestyle Asset Management lost net two, and Infocus gained one and lost three who went on to start their own licensee, bringing the net loss to two.
Meanwhile, 20 licensees all reported a net loss of one each, including Canaccord Group, Lifespan and Rhombus Advisory.
AUTHOR
Shy-Ann Arkinstall
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