Surprise as industry reports gains after triple-digit falls
Fears of a third week of triple-digit falls have been dispelled after the industry reported net positive change this week.
Last week had seen almost 300 advisers leave the industry, following 149 in the previous week and this week had been expected to see the same.
However, the industry reported positive net gains of nine advisers with 35 licensee owners reporting net gains of 44 advisers and 31 licensee owners reporting net losses of 38 advisers in the week to 13 October.
Some 11 provisional advisers commenced during the week and none ceased.
Sequoia via Interprac gained the most advisers at five with six appointments and one loss. Castleguard via its licensee Lifespan was up net three, which included picking up two advisers from AMP.
AMP Group was down three advisers from AMP Financial Planning and Charter while Crown Wealth Group also lost three.
Wealth Data founder, Colin Williams, said the rotation was a “nice surprise” following the recent strong declines.
“This week’s gain of nine advisers was a nice surprise after the losses of some 450 advisers over the past two weeks. As mentioned last week, we do expect to see more losses due to advisers not passing their Financial Exam (FASEA). However, most of the losses are sitting in small licensees and on past experience, they can be very slow to report losses.
“The continuous growth of ‘Provisional Advisers’ and y default new advisers, is very welcome and may well balance out additional losses that we could see between now and the new year.”
AUTHOR
Laura Dew
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
That's what we call an "anomaly"