New entrants the silver lining of 2022

According to Wealth Data’s latest figures, the one big positive that has occurred during 2022, particularly in the second half, was the improvement in the number of new entrants.

Namely, the running total of new entrants as at 22 December stood at 624 having increased from 371 in mid-2022.

“Since 2019, all new advisers must commence as a Provisional Adviser and after completing the professional year and Financial Planning Exam, they become an ‘Adviser’ with a year start date,” said Wealth Data founder, Colin Williams.

“As the charts highlight, 2022 has been much stronger than previous years, particularly the last two quarters. Let’s hope that this will continue through 2023”.

Wealth Data’s final figures for the year revealed that the number of advisers decreased by nine to 15,865 in the week to 22 December.

Key adviser movements included 38 licensee owners having made net gains of 52 advisers while 40 licensee owners suffered net losses of 61 advisers.

Growth was dominated by the provisional advisers and eight new licensees — seven classed as financial planning.

Losses were dominated by the large groups with AMP, Diverger and Insignia all down by five advisers each. Three licensee owners were down by three including Marsh Mercer and Viridian, while three other licensees were down by two including MCA Financial Planners.