New adviser recruitment numbers revealed

After revealing that over 2,000 advisers resigned in 2022, Wealth Data has reported that 336 advisers were recruited last year.

While there was a total of 368 new entrants, Wealth Data revealed that 32 new advisers had ceased on the FAR during the 12-month period.

Of the 336 new advisers, a majority of 234 were provisional advisers, while 22.98 per cent were female.

Breaking down the data further, Wealth Data revealed that the financial planning model had 69.35 per cent of all new entrants or 233 advisers in total.

Surprisingly, the super fund sector only hired three new advisers, while accounting-based practices recruited 23 new advisers.

Investment advice licensees accounted for 77 new recruits.

While the proportion of new entrants by state was reasonably balanced, Queensland stood out with 23.51 per cent of new entrants compared to 19.99 per cent of all other advisers.

Wealth Data also revealed that the number of advisers in the week to 26 January grew by 18 to 15,867.

AAN Wealth experienced an increase of five advisers, with two of them being provisional advisers and the remaining three returning to the field after taking short breaks. Similarly, HESTA saw an increase of three advisers, with two of them coming from Link Advice and one returning to the field after a break.

Three licence owners also saw an increase of two advisers each. Next Generation Advice (NGAA) added one adviser each from AAN Wealth and Money Sherpa, while Insignia added three advisers, including one provisional adviser at Lonsdale, and lost one adviser at Shadforths. Castleguard (Lifespan) also gained two advisers, one from Whittle & Skok and the other returning after a short break.

A total of 32 licensee owners saw a net increase of one adviser each, including Politis, Bombora, AMP and Industry Super Holdings, as well as a lone new licensee that recommenced operations after ceasing all advisers in 2021.