New licensees boost adviser numbers

Wealth Data has reported growth in the adviser base of 33 in the week to 9 February to 15,874, mostly on the back of Zurich Assure launching its new AFSL with 14 advisers.

In a new update, Wealth Data explained that the 14 advisers were previously temporarily at Bombora after Zurich acquired the ANZ Risk business along with the advisers.

Last year, Zurich said it would establish an internal advice capability through its new life insurance advice business.

At the time, the firm said it would aim to provide “affordable and professional life insurance advice to existing retail life insurance customers, including life insurance held in superannuation funds”.

Commenting on the new adviser additions to the Financial Advisers Register (FAR), Wealth Data founder Colin Williams, said: “A significant number of advisers who left the ASIC FAR (last week) were transitioning to new licensees.”

“The transition for most is now complete and has contributed to this week’s growth after last week’s losses. The number of provisional advisers has also increased to eight, marking another positive week of new entrants.”

Adviser additions were also helped by the commencement of a new licensee with nine advisers. The licensee, according to Mr Williams, was previously a large practice at Australian Unity.

Moreover, Fortnum increased by five after acquiring a risk business from Matrix (Centrepoint), while Perpetual increased by a net of three, including two new provisional advisers.

Another new licensee started with two advisers who left Lonsdale (Insignia), while 20 licensees recorded a net increase of one, including Spark Partnership Group, Elston Group, and Connectus.

As for losses, they were led by Insignia with a decrease of three, after losing four advisers and gaining one provisional adviser.