Adviser numbers continue to fall to 18,735
Adviser numbers continued to fall by 25 to 18,735 this week even though the large licensees owners dominated growth with seven of those with more than 50 advisers seeing net growth of 26 advisers, according to Wealth Data.
The net change of 25 in advisers number was a result of 22 licensee owners seeing a net growth of 46 advisers while 30 licensee owners had net losses of 74 advisers.
The growth was driven by Centrepoint Group which picked 11 advisers, mostly off the back of Mortgage Choice-owned Finchoice, with 10 advisers having moved across to Centrepoint’s licensee, Alliance Wealth.
Additionally, four new licensees were reported as having commenced their operations with a total of seven advisers.
IOOF topped the losses, with a departure of 13 advisers while AMP Group and CBA reported a loss of eight and four advisers, respectively, this week.
Following this, Mortgage Choice, after losing 10 advisers through Finchoice, had only 25 advisers and the big groups experienced the biggest losses with 13 licensee owners of more than 50 advisers having lost a net of 42.
Looking at year-to-date data, Centrepoint after their big week moved into second position for growth of licensee owners of 50 or more advisers with a net growth of 13 while Oreana was still out in front with net growth of 37 and Canaccord was in third spot with an arrival of seven advisers.
AUTHOR
Oksana Patron
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
