First big negative week of losses for FY23
The financial advice profession has seen adviser numbers decline by 24, marking the first big negative week for the new financial year, according to Wealth Data.
However, financial year to date figures remained positive with growth of 152 advisers, while calendar year to date was negative at -771.
It was a busy week with significant movement across several licensees.
Bombora Advice was up by 10, with most being ANZ advisers moving to Zurich. Wealth Data said Bombora would only hold the ex-ANZ advisers for a short period of time, until Zurich finalised their own licensee arrangements.
Meanwhile, Australian Unity moved up by nine with all advisers moving across from Millennium 3, (ABFS Life Practice).
Two licensees were up four, one being a new licensee and Fortnum who gained two advisers from Intas (now down to zero advisers) and one each from RSM and Aware Super. Four licensee owners were up by two, including Lionsgate and the Highfield Group.
A tail of 26 licensee owners up one, including Viridian, Oreana, Shaw and Partners and Minchin Moore.
In losses, ANZ was down 12 with most moving across with Zurich to Bombora. Insignia moved down 10, putting on two and losing 12 advisers (most moving to Australian Unity via Millennium 3).
AMP was down seven, putting on one adviser and losing eight. Of the eight losses, two had been appointed at other licensees. Diverger was down six after internal switching of four advisers from The SMSF Expert to Merit. GPS lost three advisers, The SMSF lost a further two and Merit one.
Intas, now closed, was down three and 10 licensee owners were down two including Clime, Findex, Jason Valentine (Avana Financial Solutions) and Ord Minnett. A tail of 24 owners were down one including Capstone, Centrepoint and Fiducian.
AUTHOR
Liam Cormican
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