Three largest adviser groups have lost 52% of advisers
Net adviser losses at the three largest advice groups – IOOF, AMP and NTAA Group –account for 52% year to date, which is disproportionate to their size, according to Wealth Data.
The number of adviser roles at the start of 2021 at those three groups accounted for 20% of all roles and decreased since to 17.5% of all current adviser roles. This meant the net decline per group stood at -20.33%.
By comparison, after excluding these three groups, adviser roles from the rest of the sector dropped only by 4.71%, from 16,732 to 15,944 since the start of the year.
Data from Wealth Data said IOOF, AMP Group and NTAA jointly slashed 861 adviser roles, since the start of the year. Individually, the groups saw a departure of 401, 297 and 181 roles, respectively.
Source: Wealth Data
This week saw 50 new appointments and 56 resignations, resulting in a net change of -6 roles.
At the same time, 28 licensee owners had net gains for 39 roles and 30 licensee owners had net losses of 45 roles.
As far as the growth in adviser net movement was concerned, at the licensee owner level, Capstone posted a net growth of four advisers. Two were from Crown Wealth, one from MIQ Private Wealth, and another adviser returned to advice after leaving three years ago.
Also, two new licensee owners commenced with three advisers each.
Easton Group saw a departure of five roles, and was followed by IOOF and AMP Group which lost four and three roles this week.
The number of actual advisers decreased this week to 19,030 while the number of adviser roles dropped to 19,319.
AUTHOR
Oksana Patron
Recommended for you
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
ASIC was active in the first quarter of 2025 with several financial adviser bannings and court action, while the FSCP also handed down outcomes to advisers.
With a joint venture announced between WT Financial and Merchant Wealth Partners, the firm may have a US background, but partner David Haintz has a long history with Australian financial advice.
The big four bank is set to see $40 million per annum in cost savings as it continues to migrate customers from its Asgard wealth platform to BT Panorama by FY26.
