A tale of two quarters – from 690 adviser loss to 64 adviser growth

Mike Taylor

Managing Editor/Publisher, Financial Newswire

31 March 2023

Successfully passing the financial adviser register has seen nine advisers restored to the Financial Adviser Register, according to the latest analyst from WealthData.

What is more, it appears likely that financial adviser numbers will finish the first quarter of 2023 in positive territory – up 64 so far this year, compared to the substantial losses recorded over the same period last year.

WealthData principal, Colin Williams pointed to change in FAR fortunes when he noted that the 64 advisers added to the FAR this year, needed to be compared to the 626 advisers who departed the register in the corresponding period last year.

Key Adviser Movements This Week:

Net Change of advisers up by +15

Net Change of +64 for 2023 YTD

27 Licensee Owners had net gains for 29 advisers

19 Licensee Owners had net losses for (-28) advisers

1 new licensee and 1 ceased

9 New Entrants*

Number of advisers active this week appointed / resigned: 66

Summary

A net gain of 15 driven by 9 new entrants and a small number of advisers reappearing on the FAR as current, most likely due to passing the Financial (FASEA) Exam. We tend to see a surge in new entrants in the first few weeks of the Financial Exam results being released which occurred last week.

Growth This Week

MWL Group up by 2 with two former MWL advisers coming back onto the FAR after being ceased in September last year.

Mutual Trust up by 2 both being new entrants

25 licensee owners up by net 1 each, mostly driven by new entrants. Groups include Shaw and Partners, Castleguard Trust (Capstone), AAN wealth and Insignia who had a busy week, hiring 3 including 1 new entrant and 2 advisers from separate licensees

The one new licensee recommenced with the former lone adviser coming back onto the FAR.

Losses This Week

Janus Group down (-2) losing 1 adviser each from their two licensees Akambo and First Financial.

Perpetual also down by (-2)

10 licensee owners down by net (-1) each including Bombora, Fiducian, Count, Centrepoint and WT Financial Group. The lone licensee that ceased also only lost the 1 adviser.