The continuing drain on financial adviser numbers across 2022 – including the exit of many long-time practitioners – is the story which received the most interest from Riskinfo readers this week…
A total of 2,171 advisers resigned during the 2022 calendar year, some 500 of whom had 20 years plus experience, the latest data shows.
Writing in Wealth Data’s weekly Financial Adviser Movement report, Colin Williams highlights a chart showing the number of advisers leaving, ordered by the year they started in the industry.
He says this points to a significant amount of experience being lost “…with some 513 advisers leaving who had an ‘adviser’ start year date of before the year 2000.”
Williams adds that it’s also interesting to note the large numbers across only three start years of 2016, 2017 and 2018.
He also notes that closer analysis highlights that 301 advisers of this cohort belonged to the Accounting – Limited Advice (restricted AFSL) model.
The second chart outlines those leaving by business model “…the largest is the Financial Planning model and [it] also had the largest losses at 1,110 losses,” Williams says.
The advisers who left are not current on ASIC’s Financial Advisers Register.
However Williams also states in his weekly report that the 2023 year is “…still looking positive with most adviser losses backdated into 2022.”
There are currently 15,849 advisers in total.
