First week of adviser losses for FY23
The financial advice industry has seen its first negative week of losses for the financial year, losing five, although the net gain for the year is still solid at 174, according to Wealth Data.
It was a quiet week of adviser movement which was usual after the rush around the financial year, Wealth Data founder, Colin Williams, said.
In growth, four licensee owners were up two including WT Financial Group and Sequoia while 19 licensee owners had net gains of one adviser each including Telstra Super, Fiducian and Capstone.
In losses, AMP Group had another tough week, down 11 while Charter had a net loss of six advisers and AMP Financial Planning lost five. Centrepoint was down five and FSSSP (Aware Super) was down three. A total of four licensee owners were down two including Insignia and Macquarie. A tail of 12 licensee owners were down one.
Three licensees closed in the week to 29 July for the net loss of (-3) adviser roles.
Williams said: “Now that the effects of the financial year have rolled through, it is interesting to see how the licensee owners have fared over this period of time”.
Of note in the last two months, Steinhardt Holdings (Infocus) was up the most at 11, followed closely by Count at 10. AMP Group had the largest loss at -44 followed by ANZ Bank at -35 and Insignia at -33.
AUTHOR
Liam Cormican
Recommended for you
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.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
