Industry loses 126 advisers in lead-up to EOFY

exit/Wealth-Data/Colin-Williams/

1 July 2022
| By Liam Cormican |
image
image
expand image

The financial advice profession has again fallen by triple figures, this week recording a loss of 126 advisers in the lead-up to the end of financial year, according to Wealth Data.

Wealth Data’s Colin Williams said some of these losses would find their way back onto the Financial Adviser Register next week, but an insufficient volume to offset losses with the industry now standing at 16,404 advisers.

The last week of June was typically the weakest, Williams said, while the following was the strongest as advisers began the new financial year.

This week was one of the weakest weeks of appointments so far with the largest being Hejaz where three new advisers switched from Synchron and Affinia and another joined after being out for two years.

A total of 10 licensee owners had net growth of one including one licensee that had recommenced.

Losses this week were dominated by Insignia, Diverger and WT Financial Group, down 15, 14 and 11 respectively and Williams said it would likely advisers from those groups that appeared at new licensees.

A further 14 licensees closed accounting for a net loss of 20 advisers with other notable net losses this week including, AMP down (-5), Capstone (-4) and Castleguard (Lifespan) down (-4).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS