AMP and IOOF continue to shed advisers

Costs and regulatory burdens continue to put pressure on an exhausted advice industry that now numbers just 18,823, down 143 since the start of this financial year. 

According to figures compiled by Wealth Data, the number of advisers dropped 1,812 since the start of the year to 28 October.

At a financial year to date, the losses at AMP and IOOF are now quite similar with AMP down 89 advisers and IOOF 82. When combined, the net change loss is 171, compared to 143 for all licensees.

On Thursday (28 October), IOOF reported a drop in the number of its advisers and practices in its Q1 2022 update.

The wealth giant confirmed the total number of advisers was 1,883 as at 30 September, down 65 for the quarter, while practices in its self-employed channel have also dipped by 37 to 539.

IOOF chief executive Renato Mota said the results were expected due to “a period of significant transformation”.

“We have strong early momentum since the acquisition of MLC with the progression of our transformation program,” he said.

“Continued simplification provides the foundation of future growth of our business, with synergy realisation will deliver benefits to clients and shareholders alike.”