Outflow continues but adviser numbers higher than last year
Although the industry continues to lose advisers, with the losses still being high, this week’s data from HFS Consulting has shown that a net change in adviser numbers stood at 2,025 as of July 8 compared to 2,692 at the start of Q3 last year.
Unsurprisingly, it was the major financial planning groups which continued to suffer the greatest net losses, HFS Consulting’s director Colin Williams said.
AMP Group managed to maintain the status of the largest licensee owner despite losses of 255 adviser roles year to date. By comparison, the net change for IOOF stood at 98 and for groups operating under the umbrella of NAB/MLC Group at 152.
However, on the positive note, Sequoia Wealth saw an addition of 21 adviser roles after it had moved the majority of the Philip Capital Advisers onto the Sequoia licence, a move which followed a purchase of the clients from Phillip Capital in June.
Garry Crole, managing director at Sequoia Financial Group, told Money Management: “The growth in adviser numbers under the Sequoia Wealth Management (SWM) Australian Financial Services licence (AFSL) was a result of 21 advisers of the 23 advisers Phillip Capital had joining our business.
“InterPrac Financial Planning experienced a strong growth in the last 12 months with 45 of the Yellow Brick Road wealth advisers joining that license and has also seen a number of former bank employed advisers joining in more recent times,” he said.
Sequo Financial Group is currently the parent entity of the three AFSLs: Inteprac Financial Planning (IFP), Libertas Financial Planning (LFP) and Sequoia Wealth Management (SWM), with SWM being a specialist in equities advice.
According to Williams, also year-to-data showed Interprac as the financial planning group with the highest net growth at a licensee level with 38 new Adviser roles, followed by Lifespan with 32.
Of the other major licensees, all Sentry Advice, Matrix Planning Solution and Fortnum Private Wealth also posted positive results.
AUTHOR
Oksana Patron
Recommended for you
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
