MLC Group tops adviser losses table
This week large licensees have once again topped the rankings in terms of dwindling adviser role numbers, with MLC Group having reported the largest loss of 17 ahead of AMP Group and IOOF which reported losses of 13 and seven, respectively, according to the weekly analysis by HFS Consulting.
As far as adviser roles year-to-date were concerned, MLC Group and IOOF have reported they were 262 adviser roles down while AMP Group saw a departure of 146 adviser roles.
HFS’ director Colin William said that due to the ongoing changes within large groups, the numbers for this week should be viewed from the licensee owner level.
“We believe some of the IOOF losses are finding their way back into the IOOF Group through IOOF alliances who support self-licensed advisers,” he said.
Williams also pointed that the losses at MLC Group could be more worrying to IOOF as year-to-date the loss at MLC Group saw a loss of 132 adviser roles but since September 1, 2020 the number stood at 164 which represented a 27.11% decline.
Altogether, this week 50 licensees posted net losses of 104 roles while 33 licensees recorded net adviser role gains of 56 which translated into a decrease from 20,453 last week 20,405. At the same time, the actual number of advisers was down by 42 to 20, 053.
According to Williams, this week the variance between adviser roles and actual advisers was driven in part by AMP’s move to finally close two small licensees, PPS and Portfolio Planning Solutions who shared the same advisers.
This was also another big week of licensee closures with nine, collectively accounting for 13 adviser roles and being mostly accounting based licensees, being effectively closed.
On the contrary, there new licensees commenced their operations this week, accounting for a total of nine advisers.
Source: HFS Consulting
AUTHOR
Oksana Patron
Recommended for you
New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital.
In a tight race against Morgans, AMP Financial Planning has won back its position as the largest individual licensee in Australia, according to Wealth Data.
Learning to delegate authority and relinquish a hands-on approach is a critical step towards building a self-sustaining financial advice practice, says Assured Support.
Private wealth management company Stellan Capital has appointed a new chief executive, who brings over three decades of experience in the global financial services industry.
