{"id":60985,"date":"2022-05-24T11:02:16","date_gmt":"2022-05-24T01:02:16","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=60985"},"modified":"2022-05-28T10:21:01","modified_gmt":"2022-05-28T00:21:01","slug":"losses-dominate-latest-data-on-adviser-numbers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/05\/24\/losses-dominate-latest-data-on-adviser-numbers\/","title":{"rendered":"Losses Dominate Latest Data on Adviser Numbers"},"content":{"rendered":"

Latest weekly data on adviser numbers was dominated by losses with the effective closure (down to zero advisers) of 47 small licensed AFSLs.<\/p>\n

Wealth Data’s<\/a> analysis also shows the number of advisers decreased by 132 from 17,044 to 16,912 and the number of licensees dropped to 2,003.<\/p>\n

The firm’s Colin Williams<\/strong> says in his latest weekly update that it appears that ASIC has been catching up with licensees that had not been removing advisers due to not passing the FASEA exam.<\/p>\n

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Colin Williams.<\/figcaption><\/figure>\n

He says this issue was raised in a Senate Paper earlier this year and that in the calendar YTD, 121 licensees have closed and 231 closed for this current financial year.<\/p>\n

\u201cThere must be some concerns over the governance of small licensees. In many cases, the owner of the AFSL is also the adviser and is required to ‘dob themselves in\u2019 when something goes wrong,\u201d Williams writes.<\/p>\n

He adds that with regards to the FASEA Exam, the AFSL was required to remove advisers who had not passed the exam and were not eligible to have another go through to September.<\/p>\n

\u201cIt is obvious that this was not done by many small AFSLs and it is only now being chased down by ASIC.\u201d<\/p>\n

Williams adds that this is one of the\u00a0 weakest weeks with only 15 licensee owners managing growth for a total of 24 advisers.<\/p>\n

\u201cThe only shining light was the seven provisional advisers being appointed. Three licensee owners each had a net growth of three…”<\/p>\n

Key Adviser Movements This Week<\/strong><\/p>\n