Most adviser 'downsizing' has run its course

Wealth-Data/Centrepoint/Paul-Cullen/

6 July 2021
| By Chris Dastoor |
image
image
expand image

Centrepoint Alliance are in “pretty good shape” and do not expect to see a further drop-off of advisers in the next six months, having seen a net gain of adviser roles this calendar year.

According to data from Wealth Data, Centrepoint Group finished the end of financial year with 326 adviser roles.

Last week it lost four advisers, but saw a net gain of 12 roles this calendar year.

Paul Cullen, Centrepoint Alliance group executive advice, said the firm did not expect more losses until after the Financial Adviser Standards and Ethics Authority (FASEA) exam deadline, which was on 1 January, 2022.

“From our perspective, a lot of the advisers who were going into retirement has run its course with us,” Cullen said.

“And the downsizing has largely run its course for us, so sort of what’s left is that last little bit of those that won’t do the exam.

“We have a few that are still there, but they’re not going to do the exam, and we still have people that have to get through it.”

Cullen said the firm would wait until the end of the year to re-assess and see who had passed the exam, but nearly everyone had completed it.

“Most of the ones left have done the exam in May, so we’ve been tracking it, so what’s left out of that is a handful of ones that have already told us they’re not going to sit the exam so they’re just working out how they can exit,” Cullen said.

“Then there’s a small number that haven’t really made a call one way or another, they haven’t been definitive about what they want to do.

“We’re in pretty good shape, but there’s parts of that authorised rep world where there’s still a lot to play out.

“Stockbrokers are a good example – or accountants – do they necessarily need it for what it’s going to cost them and the hurdles they have to jump to retain it?”

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 3 weeks ago

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

2 months 3 weeks ago

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

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND