The ‘sea of red’ data on recent adviser movements garnered most interest from our readers over the last seven days, earning it Story of the Week status as the clock rapidly ticks towards a career-ending 31 December deadline for too many advisers…
Latest data on financial adviser movements shows “a sea of red“ for the week, according to Wealth Data.
Writing in his weekly report Wealth Data’s Colin Williams points to 59 net adviser losses and some 65 experienced advisers no longer current on the ASIC FAR.
He adds that losses at the major groups remain out of kilter with the market as a whole.
Williams says that the number of advisers decreased from 18,823 to 18,764.
Other key movements for the week highlighted were:
- 35 Licensee Owners had net gains for 42 advisers
- 35 Licensee Owners had net losses for -102 advisers
- 37 Individual Licensees had net gains of 44
- 41 Individual Licensees had net losses of -103
- Six provisional advisers appointed which indicates that 65 experienced advisers dropped off the FAR during the week.
Of the 35 licensee owners showing growth in the week, 25 have less than 20 advisers and of the 35 licensee owners that had losses, 10 of them had 20 or less advisers.
For the year to date data, Williams adds that the losses have changed little “…as the large groups continue to dominate… Five groups, Synchron, Easton, NTAA, AMP and IOOF, have lost more than 100 advisers each and all five groups have more than 400 advisers each.”
He says it should be noted that some of the groups had stated their plans to reduce their adviser numbers. Additionally, there have been some cases whereby practices have left a licensee to commence their own AFSL and now use support services from their old licensee.