620 advisers have exited so far this year
The number of advisers departing the Financial Adviser Register (FAR) may have stabilised compared to last year, but the loss of experience is averaging around 14 years for each adviser lost.
The latest analysis from WealthData confirms that 620 advisers have resigned or ceases on the FAR so far this calendar year, and that the average years of experience lost has been 14.3 years.
However, WealthData principal, Colin Williams said that almost half of the advisers who had ceased (298) had do so after less than 10 years as an adviser.
The number of advisers reduced by net (-4), despite 9 new entrants commencing this week. This means that 15 experienced advisers dropped off the ASIC Financial Adviser Register. Some resignations were backdated before the start of the current financial year.
Key Adviser Movements This Week:
- Net Change of advisers (-4)
- Current number of advisers at 15,711
- Net Change of (-89) for Calendar YTD
- Net Change new Financial YTD +143
- 21 Licensee Owners had net gains for 28 advisers
- 28 Licensee Owners had net losses for (-32) advisers
- 2 New licensees and 1 ceased
- 9 New entrants
- Number of advisers active this week, appointed / resigned: 65.
Growth This Week – Licensee Owners
- Beryllium Advisers gained 4 advisers, 3 of which came across from Millennium 3 (M3), currently owned by Insignia.
- 4 licensee owners had gains of net 2. Steinhardt Holdings (Infocus) with 2 new entrants. Unisuper with one adviser from NAB, the other being an existing adviser re-appointed. Count with 1 from M3 and 1 from Merit Wealth. AIA with one adviser from Tynans and the other being a re-appointment after a 12-month break.
- 17 licensee owners up by net 1 each including the two new licensees (details given to members), Centrepoint, Picture Wealth, Euroz, ASVW and Boyce.
Losses This Week – Licensee Owners
- CPS Capital Group down (-3) and none of the advisers showing as current elsewhere.
- Bell Financial Group down by (-2), with one of the adviser now at CHPW Financial
- Sequoia also down by (-2), with one of the advisers commencing their own AFSL
- A long tail of 25 licensee owners down by net (-1) each, including, Bombora Advice, Shaw and Partners, Guideway, and AMP Group.
I’ll be shifting this average to 14.33 when I leave in the coming weeks – only had 35 years having started in the industry at 25!
I’ve got a feeling you might be leaving the industry. Not sure where I get that feeling from, might be the 5000 times you’ve told everyone
The point I was making was that it’s a very small percentage difference to the average when long service advisers leave which is probably why the authorities don’t seem to care!