While a total of 620 advisers have exited so far during 2023, that number has been largely offset by new entrants and returning advisers, according to the latest data…
Wealth Data’s Colin Williams also notes in his weekly Adviser Insights that a total of 241 new entrants have commenced in this period, a difference of 379 to the numbers that have ceased.
“However, net losses this year is currently at 89. The variance, of some 290 advisers, is made up of advisers who have come back into advice who resigned prior to the end of 2022,” he says.
Williams adds that the average experience of those who have ceased is 14.3 years per adviser.
He adds that this is slightly lower than the average experience for all current advisers, which is 15.6 years.
“Almost half of the advisers who have ceased, at 298, have done so after less than 10 years as an adviser,” he notes.
