Industry sees triple-digit adviser losses YTD
The number of advisers who have left the industry this year has reached triple figures, with 11 advisers leaving this week.
According to Wealth Data research to 2 November, it found the year to date losses now stand at 109.
The current number of advisers is 15,690.
However, many of these losses occurred in the first half of the year as the net change for the financial year starting 1 July 2023 is a gain of 130.
The year-to-date losses are far smaller than this time last year as 1,328 exited during 2022.
In this week, 20 licensee owners had gains of 27 advisers and 28 licensee owners had net losses of 39 advisers. Some four new licensees commenced and three ceased while there were nine new entrants.
FSSSP Financial (Aware Super) was down by five which brought its losses since the start of the year to 20 while AMP was down by three and Centrepoint was down by three. Both of the firms lost four and gained one.
Wealth Data said the super fund advice category is down by 53 advisers (7 per cent) since the start of the year, despite government proposals in the Quality of Advice Review for super funds to give financial advice to their members.
This is already higher than last year's super fund losses as the model lost 43 in 2022, down from 818 at the start of the year to 775.
A tail of 23 licensees were down by one adviser this week including Count Group, Diverger, Morgans and Viridian Group.
Looking at gains, AAN Wealth Management gained three with all coming from different licensees.
Five licensees had net gains of two advisers each including PSK Group, Koda Capital, FMD Financial, Findex. The appointments at Koda Capital, FMD Financial and Findex were all new entrants, Wealth Data said.
Some 14 licensee owners had gains of one including WT Financial, Fortnum and Australian Advice Network.
AUTHOR
Laura Dew
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Sadly due to the Royal commission and FASEA and Governments sticking their noses in this once terrific industry has been decimated