Adviser exits only modestly offset by provisional adviser entrants
Financial advisers continue to exit the industry but there are some glimmers of hope with the continuing, though still modest rise, in provisional advisers.
An analysis compiled by HFS Consulting’s Colin Williams noted that there are now 32 ‘Provisional Advisers, up from 28 over the previous week.
Williams said that the provisional advisers were those who were currently going through the Financial Adviser Standards and Ethics Authority (FASEA) requirements to become a confirmed adviser.
However, he noted that the numbers of provision advisers were “still very low in the context that 2242 adviser roles had so far been lost” to the financial advice sector.
Important in the context of IOOF’s acquisition of the MLC Wealth business, Williams noted that in year to date terms by licensee, NAB with -224 and AMP with -186 had the largest losses.
“At the level of the ‘Controlling entity’ (group level), AMP Group have now lost -325 adviser roles. For context that’s close to the current number of advisers at Merit Wealth (326 advisers) who are the seventh largest licensee in the country. IOOF have lost -120 advisers and NAB/MLC have lost -203,” his analysis said.
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