Adviser numbers fall by 16
There was a net negative change of 16 advisers last week.
According to Wealth Data, there was a net loss of 16 advisers in the week ending 3 November which brought the total number of advisers to 15,900.
Some 18 licensee owners had net gains of 22 advisers, 27 licensee owners had net losses of 38 advisers and one new licensee commenced and two ceased.
Looking at provisional advisers, six commenced and two ceased which was an increase from four in the previous week.
Diverger had net growth of three advisers followed by two advisers who joined Paragem and Spark Partnership while a tail of 15 licensee owners gained one adviser including Fiducian, Sequoia, Morgans and PSK.
For losses, WT Financial was down by five, Perpetual was down by three and five licensee owners were down by two including Count, AMP Group and Insignia.
Colin Williams, founder of Wealth Data, said: “The number of advisers dipped below 15,900 with a net loss of (-16) advisers, despite six new entrants being added as Provisional Advisers (PA). A quiet week of reporting which may have been hindered a little by the public holiday in Victoria and the non-official public holiday in all other states”.
AUTHOR
Laura Dew
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
