More than 2,000 advisers depart industry in 2020
The latest data from the Australian Securities and Investments Commissions’ (ASIC) Financial Adviser Register (FAR) has shown that the total net loss of adviser roles of 2,433 for the year do far, according to HFS Consulting.
However, on a positive note, the net loss for the second half of this calendar year stood at only 267, which indicated a significant slowdown of adviser losses compared to the first half.
HFS’ director, Colin Williams, noted that 2020 was following a similar path to 2019, which saw large losses in the first half, tapering off from July onwards.
“As for losses, AMP Financial Planning again appear with the most amount of losses with five, alongside EP (Elston) Financial Services also losing five adviser roles,” HFS Consulting said in a note.
Following this, two more licensees effectively closed, which meant they reduced down to zero adviser roles.
“There are more licenses closing than opening for 2020, despite a surge in recent months of new licensees commencing,” Williams said.
AUTHOR
Oksana Patron
Recommended for you
As ASIC looks to publish firm-level data on the internal dispute resolution regime, a compliance professional has warned it could have unintended consequences, such as under-reporting.
Selfwealth’s acquirer, Syfe Group, has said the firm is hopeful of opportunities from the mass affluent population as it believes a gap exists between DIY brokerage and financial advisers.
Rose Partners, which has a strategic partnership with AZ NGA, has purchased an advisory and accounting business based in Queensland to drive its expansion.
Having already completed three major sales, Iress has announced its latest divestment following a strategic review conducted during its transformation program.
