The firms bucking the trend of adviser losses
Count Group has seen the strongest growth year to date in adviser growth with a net gains of 33 advisers, according to Wealth Data, but this is dwarfed by losses of 169 from Insignia.
Data from Wealth Data for figures from 1 January to 20 October showed Count Group saw net gains of 33 advisers and PSK show a net gain of 22. MBS Advice Licensee saw 18 while BYB Wealth Management saw 12, both were newcomers to the market.
However, losses were far greater with Insignia seeing a net loss of 169 advisers, AMP losing 152 and WT Financial Group losing 98.
“In percentage terms, WT Financial Group are down by 16.96%, which is greater than both Insignia at (-13.46%) and AMP at (-13.60%),” the report added.
Looking at the moves in the week to 20 October, there was a net change of one which Wealth Data said indicated stabilisation after dramatic falls earlier in the month.
Some 27 licensees had net gains of 34 advisers and 23 licensee owners had net losses of 33 advisers. Two new licensees commenced and one ceased.
Gains were seen at Insignia, which hired four including two provisional advisers, RI Advice picked up two advisers and Boston Reed was up by three advisers including one provisional adviser.
Oreana, an APAC investment and financial services firm, was up by two advisers which brought the firm close to 100 advisers.
UniSuper, which recently hired a head of financial advice, lost four advisers while Perpetual was down by three advisers. AAN Wealth, MCA and Crown Wealth were all down by two.
Eight provisional advisers commenced and one ceased.
Wealth Data founder, Colin Williams, said: “This week’s small loss of just one adviser indicates that the adviser market has stabilised after the numbers fell dramatically at the start of the month, due to advisers being removed for not passing the Financial (FASEA) Exam.
“The growth in provisional advisers is still going well and quite broad across the advice sector, which is a sign that advice firms are more comfortable taking on new advisers.”
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
