How many advisers resigned in 2022?
More than 2,000 advisers resigned during 2022, according to Wealth Data.
A total of 2,171 advisers resigned during 2022 with over half (1,100) of them having left from the financial planning category. The remainder were broken down into smaller volumes from multiple different divisions.
Within financial planning, 329 were advisers who joined the industry between 2000-2010, 313 had joined pre-2000 and 262 had joined between 2016-2018.
Looking at the total annual losses from other sectors, 368 left from accounting-limited advice, 355 from investment advice, 132 from accounting-financial planning and 116 from other areas.
In the accounting-limited advice space, over 300 of the total 368 were advisers who had joined between 2016-2018.
Some 90 left from the superannuation space.
From an age-range perspective, 513 of the 2,171 were advisers who had joined pre-2000, 603 were between 2000 and 2010, 302 were from 2011-2015 and 716 had joined between 2016-2018.
Colin Williams, founder of Wealth Data, said: “We can see that a significant amount of experience was lost with some 513 advisers leaving who had an ‘adviser’ start year date of before the year 2000”.
More recent adviser movements for the week to 19 January showed a net negative change of six advisers with 20 licensee owners having net gains of 23 advisers and 21 licensee owners having net losses of 29 advisers.
Seven provisional advisers commenced during the week and five ceased.
Within the losses, one licensee – Olive Financial Markets – lost all seven advisers with three moving to Interprac. AMP and Politis were down by two each while a tail of 18 licensees had losses of one.
Diverger was up by three advisers, GPS and Financial Link Group were up by two and a tail of 18 were up by one each.
AUTHOR
Laura Dew
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Vale advisers. Destroyed by a mickey mouse exam with no transperacy or right of appeal.
Only in Australia.
ASIC and Treasury will not be happy..."only" 2171 advisers lost.
Pretty confident the way the Nazi department we call ASIC and Treasury wrote legislation, the sooner we're all like some Bernie Madoff working in some Union Super Fund call center flogging to death their salary sacrifice into the balance fund, the better they're thinking.
Seems to be accurate - Treasury and ASIC seem to be the soldiers - not the brains.