159 advisers exit FAR in just a fortnight
159 financial advisers have exited the Financial Adviser Register (FAR) over the past fortnight.
While the end of financial year was expected to drive an uptick in financial advisers exiting the FAR, WealthData principal, Colin Williams admitted that the numbers came as a significant surprise.
However, he suggested that some might return to the register under new licensee arrangements as the end of financial year dust settled.
The larger number of exiting advises is also being attributed to licensees tidying up their administration and removing staff who are not client-facing.
Adviser Movements This Week:
- Net change of advisers (-78)
- Current number of advisers at 15,430
- Net Change Calendar 2024 YTD (-185)
- Net Change THIS NEW Financial YTD +78
- Net Change LAST Financial Year 2023/24 (-205)
- 50 Licensee Owners had net gains of 75 advisers
- 74 Licensee Owners had net losses for (-154) advisers
- 8 new licensees commenced and (-4) ceased
- 20 New entrants
- Number of advisers active this week, appointed / resigned: 246
Growth This Week – Licensee Owners
- Vincents Advisory gained seven advisers, all moving from Morgans
- A new licensee commenced with five advisers, from the Godfrey Pembroke licensee
- Another new licensee commenced with four advisers, moving from AMP Financial Planning
- Three licensees were up by three advisers each:
- MPFinplan with advisers moving from Fortnum Private
- A new licensee with advisers moving from Interprac owned by Sequoia
- And another new licensee with two advisers moving from Oreana and one from GPS Wealth
- Six licensee owners up by net 2 each including: another new licensee, Lifespan who appointed four advisers from four different licensees and lost two advisers. And Alteris Financial who hired two advisers both coming back after a break.
- A long tail of 38 licensee owners up by net one each including Unisuper, Australian Retirement Trust and ASVW Holdings.
Losses This Week – Licensee Owners
- Insignia down by a net (-13) advisers. Appointing one new entrant and 14 advisers ceased, none being appointed elsewhere to date. There are few staff members in this mix
- Fortnum Private down by net 10 advisers. A busy week with a couple of advisers switching from their Personal Financial Services to Fortnum Private AFSL. Losing one adviser who commenced his own AFSL and as mentioned above, losing advisers to MPFinplan
- AMP Group down by net eight advisers, as mentioned above, losing four advisers to a new licensee, another five ceased and not appointed elsewhere to date and hiring one adviser at Charter
- Morgans down by 7, despite hiring three advisers from different licensees, but losing 10 advisers with most moving to Vincents as mentioned above
- Practice Development Group (Godfrey Pembroke) down by six, with the advisers starting their own licensee
- WT Financial Group also down by six advisers despite hiring five advisers, a mix from Latitude and RSM. Eleven advisers ceased and not showing as being appointed elsewhere
- Count Limited down by five advisers, they appointed six advisers, three being new entrants and lost 10 advisers, 6 from Count and four from GPS Wealth.
- Centrepoint Group down by 4 advisers, losing five and one joined from Addition Wealth
- Macquarie Group also down by four, none of the advisers showing as being appointed elsewhere
- Eight licensee owners down by three advisers each including Capstone, Findex and Oreana
- Eleven licensee owners down by 2 advisers each including Canaccord, Janus Financial and Bluewater Financial.
- A total of 47 licensee owners down by one each, the longest tail in a long while. This list includes two licensees that closed, Guideway and Picture Wealth.
I am going leave the profession. After twenty years of hard work, plus meeting all the regulation changes, going back to university to obtain a relevant degree, passing the national exam, implementing processes to efficiently manage the draconian legislation requirements, I have had enough. I had hoped that after meeting all these demands that financial advisers would be treated with respect. Unfortunately I now realise that will never happen. It is obvious that the industry super funds have pushed this annihilation agenda so they can obtain a monopoly on financial advice. The industry super funds complained that financial advisers lacked education but now they want to have a new type of financial adviser who will work for them and have no qualifications but be called “Qualified Advisers”. To rub salt into the wound the government has introduced the CSLR so that I now have to pay compensation to people who have lost money on investments who I have never met, never given advice to, for losses on investments I have nothing to do with. This is just a deliberate annihilation of real financial advisers. The corruption is obvious. Sadly it will only continue to get worse so it’s time to leave.
I feel the same but stuck as I need the money. I wish I could leave. Good luck