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Advisers still exiting the profession

Mike Taylor1 March 2024

Numbers on the Financial Adviser Register have suffered a further net decline with the exit of a further 16 advisers this week, according to the latest analysis from WealthData.

And, according to WealthData principal, Colin Williams, it is the second successive week where 16 advisers appear to have departed the profession.

Summary for the week
Net adviser numbers down by (-9), a concern given last week was down by (-10). Seven new entrants commenced, indicated that for another week in a row, 16 more experienced advisers exited the ASIC FAR.

Key Adviser Movements This Week:

  • Net change of advisers (-9)
  • Current number of advisers at 15,625
  • Net Change of +12 for Calendar 2024 YTD
  • Net Change Financial YTD +71
  • 21 Licensee Owners had net gains of 26 advisers
  • 27 Licensee Owners had net losses for (-32) advisers
  • 4 New / recommencing licensees and 3 ceased
  • 7 New entrants.
  • Number of advisers active this week, appointed / resigned: 74.

Growth This Week – Licensee Owners

  • Five licensee owners up net 2:
    • Timothy Archibald (Assetly Australia) – AFSL re commencing with advisers from a licensee that dropped to zero but restarted this week with a new adviser
    • Jesse Edward Franks (Focused Financial Advice), picking up 1 adviser each from Count and Ethical Partners
    • HNW Group Holdings, one adviser restarting back after a break and another from Interprac owned by Sequoia
    • Corey James Wastle (Verse Wealth Licensee Services), with one adviser each from Synchron and Bridges
    • Australian Pacific Funds Management, with two advisers who remain authorised at different licensees.
  • A tail of 16 licensee owners are up by +1 each, including WT Financial Group, Steinhardt Holdings (Infocus), and LFG Financial Services.

Losses This Week – Licensee Owners

  • The Financial Link Group (Nexgen Financial), losing their remaining 3 advisers after ASIC formerly cancelled their licence. The group had a chequered past and did have over 100 advisers back in 2019.
  • Three licensee owners down by (-2), including Count, Capstone and a licensee going to zero advisers
  • A long tail of 23 licensee owners losing net 1 adviser each including, Clime Group, Morgans, and Tynans.

 

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Has Shoes
1 month ago

It would be interesting to see the numbers of advisers who are re-entering financial advice VS the numbers of advisers who spent years doiong their degrees and who now feel compelled to give it a go. Kind of like the response those who are being scammed feel…I’ve invested $5000 in this, surely it’s not a scam, so let me put in another $20,000 to get my $5,000 back….