A total of 14 licensees closed for the loss of 17 advisers, according to Wealth Data’s latest weekly analysis.
The firm’s Colin Williams writes in his weekly commentary that the latest data was dominated by the large number of licensees closing (down to zero advisers).
He notes of the 14 that closed, 10 of these licensees belonged in the Accounting – Limited Advice peer group.
In total the number of advisers decreased by 29 from 17,173 to 17,144.
Williams added that 10 adviser ‘resignations’ had been backdated to December 2021.
“This indicates that many small licensees are still coming to terms with complying with ASIC requirements for updating the FAR for their adviser movements.”
He says that for the first time “…in a very long time, no new licensees were established this week.”
Key movements for the week to 14 April 2022:
- Net change of advisers, down 29
- 22 licensee owners had net gains for 25 advisers
- 39 licensee owners had net losses for minus 54 advisers
- Zero new licensees commenced and 14 ceased
- Seven provisional advisers commenced
