Latest financial adviser movement data has seen another positive week driven by more provisional advisers being added to ASIC’s FAR.
Wealth Data’s Colin Williams writes that 14 new provisional advisers have been added to the ASIC FAR, making it a total of 39 for the past two weeks.
Williams says the number of ‘new’ advisers is a combination of current provisional advisers and those with a year start-date as an adviser from 2019 onwards, noting that in theory, all advisers post 2019 must start off as a provisional adviser.
Wealth Data has highlighted the number of new and provisional advisers by business models.
“What may be surprising to many, is the low take up of new advisers operated by superannuation funds. In total, only 10 new advisers which represent 1.31% of all their current advisers,” Williams says.
By contrast, licensees in the Accounting-Financial Planning business model have proportionately the highest number at 5.07%.
Williams says this could be due to being attached to accounting groups which may have more experience at hiring new professionals.
Williams says that for the financial year to date, overall adviser numbers are still positive at 130. At the same point last year, the growth was zero.
However Wealth Data is expecting losses to flow through over the coming weeks as advisers who have failed to pass the Financial Exam are withdrawn from ASIC’s FAR.
The total number of advisers increased by three for the week to reach a total of 16,359.
