Financial adviser numbers remain steady above 15,500
After weeks of fluctuating above and below 15,500, adviser numbers have maintained their hold above the line for three consecutive weeks.
Wealth Data’s latest analysis shows the profession had a net increase of five advisers, bringing the total to 15,514 in the week ending 28 November, buoyed by eight new entrants, in line with the previous week.
Despite the tentative rise, the net calendar year-to-date remains down at -111, while the financial year-to-date shows a more positive trend at +171. Meanwhile, this week saw 70 advisers active with appointments or resignations.
Breaking down growth for the week, Wealth Data reported that 25 licensee owners saw net gains of 39 advisers in total, including the one new licensee that commenced this week with one adviser.
Merchant Wealth Partners fared best this week, seeing four advisers move over from Bombora and the hire of one new entrant.
Skye Money took on three new entrants this week, while Oreana gained three advisers from Madison Financial Group, owned by Infocus, and FSSSP (Aware Super) gained three advisers, two of whom are returning after a short break during which they had ceased being on the Financial Advisers Register (FAR).
Several licensees gained two new advisers this week, including Australia National Investment Group, which gained one from Wealth Trail and the other from Smartmove Advice, and Rhombus through RI Advice that picked up two from Infocus.
Vinarc also gained two advisers, both of which came over from Momentum Wealth Management, as did Caresuper Advice, which gained one each from Aware Super and Industry Fund Super.
Meanwhile, 17 licensee owners were up by net one adviser each, including Lifespan, Janus Financial, and AMP Group which appointed three advisers, including two new entrants, but lost two.
In terms of losses, this week saw 24 licensee owners hit with a net loss of 35 advisers in total, made up in part by this week’s three ceased licensees being single adviser losses.
Capstone Financial saw the greatest loss, down by five advisers, none of which, according to Wealth Data’s founder and director, Colin Williams, are currently showing as being appointed elsewhere. Meanwhile, Infocus is down by three advisers, all of which moved to Oreana.
Three licensee owners were down by two advisers each, including Bartholomew Ryan of Oakview Financial, Insignia Group and WT Financial, with one adviser commencing their own licensee and the remaining five showing as not appointed elsewhere yet.
A tail of 18 licensee owners are down by one adviser each, including Count, Sequoia and CBA Group.
AUTHOR
Shy-Ann Arkinstall
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