Advice profession enjoys 5 weeks of consecutive growth
Financial adviser numbers are up by more than 200 for the financial year, according to Wealth Data, driven by five weeks of back-to-back growth.
The research house reported a net rise of 22 advisers in the week ending 13 February, thanks to 17 new entrants who joined the industry.
Total adviser numbers now stand at 15,562, with the financial year-to-date numbers at 220 and the calendar YTD at 89.
Some 78 advisers were active with appointments and resignations during the week, while three new licensees commenced and two ceased operations.
Breaking down the weekly growth, 32 licensee owners experienced net gains of 65 advisers in total. This included a new licensee opening up shop with four advisers.
“It is associated with Pitcher Partners Sydney, as they work through some changes associated with Viola Group. All four advisers remain authorised at a licensee owned by Viola Group,” noted Colin Williams, founder and director of Wealth Data.
Entireti, Morgan Stanley and Cobalt all welcomed three advisers each, while CCAFP Wealth and a new licensee both rose by two advisers each.
A tail of 26 licensee owners were up by one adviser each, such as Shaw and Partners, Perpetual and Ord Minnett.
In terms of adviser losses, 24 licensee owners had net losses of 51 advisers all up. This was led by Count after it bid farewell to three advisers, losing two to a new licensee and one who is yet to show as appointed elsewhere.
Another 15 licensee owners declined one adviser each, including Oreana, PictureWealth and Hejaz. All three licensees that ceased this week also lost one adviser each.
Students looking to enter the advice sector will soon see changes to educational standards, with the government announcing this week that it will remove the requirement for individuals to complete an approved qualification offered by only a limited number of higher education providers.
The new education standard will centre around the requirement to hold a bachelor’s degree or higher in any discipline, it explained, recognising the important role of tertiary education across all disciplines.
Building on the Delivering Better Financial Outcomes (DBFO) reforms, the changes aim to address the shortage of advisers in Australia and help new advisers enter the profession with greater ease.
“The government will streamline the qualification requirements to expand the pipeline of new entrants to the profession. The current standard is unsustainable. It is unattractive to school leavers due to the restrictive career path and it requires a significant investment in study for career changers,” the government stated.
Incoming advisers will still be expected to meet minimum study requirements in areas including finance, economics or accounting, alongside prescribed accredited financial advice subjects covering ethics, legal and regulatory obligations, consumer behaviour, and the financial advice process.
AUTHOR
Jasmine Siljic
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