Industry drops below 16,000 for first time

Wealth Data Colin Williams adviser numbers

7 October 2022
| By Laura Dew |
image
image
expand image

The industry has reported one of its largest-ever weekly falls as the number of advisers falls by almost 300.

According to Wealth Data, the number of advisers saw a net change of 295 advisers in the week to 06 October which brought the total number of advisers on the Financial Advisers Register (FAR) to less than 16,000.

This was the first time that industry had fallen below 16,000.

The total number of departing advisers was 326 advisers from 114 licensee owners but there were net gains of 31 advisers from 24 licensee owners.

While the number was significantly larger than figures for the past two weeks, which reported net changes of 149 and seven advisers respectively, it was not the largest-ever.

In the week to 2 July, 2021, following the end of the 2020/21 financial year, there was a loss of over 500 advisers.

Wealth Data founder, Colin Williams, said: “While not the largest, the losses are still pretty big. I expect we will see more losses next week and after that then they should stabilise”.

This was because the public holidays and school holidays had likely meant some smaller firms were behind on their updates, he suggested, as most of the losses so far had been reported by large groups such as AMP.

“I’m not convinced the smaller groups know what they are doing regarding removing advisers from the FAR,” Williams said. “Particularly the accountancy firms where advice is not their focus.”

Advisers in the Accounting – Limited Advice sector, which offered mostly self-managed superannuation fund services, had seen the largest losses over the last 12 months with losses of 57%.

Read more about:

AUTHOR

Submitted by Duke Nukem on Fri, 2022-10-07 12:13

But is this really still news?

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 6 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 12 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 10 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 13 hours ago