FY23 sees growth of 130 advisers
Almost 40 provisional advisers have joined the industry in the past two weeks while there has been a positive gain for the second consecutive week.
According to the latest Wealth Data research over the week to 15 September, there was net gain of three advisers following a gain of 12 in the previous week.
Some 38 licensee owners had net gains of 47 advisers and four new licensees commenced. There were net losses for 29 licensee owners while four ceased.
Over the financial year to date, the number of advisers was positive at 130 compared to zero growth at the same point last year. This included 37 at Count, 18 at MBS Advice and 16 at PSK.
However, it was likely losses would flow through over the coming weeks as advisers who had failed the financial adviser exam came off the Financial Adviser Register.
Looking at provisional advisers, 14 joined this week and one ceased.
Colin Williams, founder of Wealth Data, said: “What may be surprising to many, is the low take up of new advisers operated by superannuation funds. In total, on 10 new advisers which represent 1.31% of all their current advisers.
“By contrast, licensees in the Accounting - Financial Planning business model have proportionately the highest number at 5.07%. This could be due to being attached to accounting groups who may have more experience at hiring new professionals.”
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.
