Less than 10 advisers leave this week
There was a notable improvement in the number of adviser exits this week with less than 10 advisers leaving.
In this week’s figures from Wealth Data, there was a net change of nine advisers from 16,544 to 16,535 advisers.
This compared to 89 advisers in the previous week and followed a troubled four weeks with about 500 advisers leaving the profession.
Some 21 licensee owners had net gains of 25 advisers while 33 licensee owners had net losses of 38 advisers while two new licensees commenced.
In positive news, six provisional advisers commenced including two at William Buck and there were signs ceased advisers were returning.
Colin Williams, founder of Wealth Data, said many firms would have lost established advisers in the ‘adviser exodus’ and there were now signs of improvements as they sought to recruit.
“We have seen this year that many advisers are finding their way back into advice after some time away.
“It makes sense for firms to be hiring ceased advisers who are qualified. After a massive fallout at the end of 2021, many firms will have lost established advisers and now need someone who is qualified to service existing clients.
“The alternative is to start new ‘provisional advisers’ but as we know, it can be a slow process to get them up to speed.”
The most significant reduction in advisers came from the closure of 13 small licensees, accounting for 15 advisers.
Other losses by licensee owners included Christopher Maceachren (Wealth Trail), FSSSP (Aware Super) and Industry Super Holdings down two each.
In growth, William Buck (NSW) led, adding three advisers with two being provisional advisers. Steinhardt Holdings (Infocus) was up by two advisers, with one adviser formally from ANZ and the other from Charter. Count Financial was also up by two advisers, with one coming from Skybridge and another being a new provisional adviser.
AUTHOR
Laura Dew
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
