Net gain for advisers in 2023 continues

According to Wealth Data numbers, in the week to 18 May, the industry saw a minor increase, up just one adviser.

However, it continued a trend of new entrants to the industry offsetting losses. The week saw five new advisers join the profession as part of 66 total appointments or resignations.

On the licensee front, there were 26 licensee owners who had net gains of 29 advisers, while 22 licensee owners had net losses of 28 advisers. There were also two licensees that ceased operations and four new licensees started.

Sequoia, through its InterPrac licensee, gained a total of three advisers for the week ending 18 May, with two of those coming from the now-defunct Olive Financial Markets.

Crown Wealth Group gained two advisers, while Steinhardt (Infocus), Perpetual, and Centrepoint were among 24 licensee owners that were up by one adviser each. All four of the new licensees that were started this week kicked off with one adviser.

Energy Industries Superannuation saw the largest exodus for the week, losing all six of its advisers following a merger with United Super (Cbus). All six advisers show as ceased on the Financial Advisers Register (FAR) at the moment.

Collins SBA was the only other licensee owner to lose more than one adviser, down two for the week.

AMP group, Count Group, Fortnum, and Ord Minnett were among 20 licensee owners that lost one adviser each.

On Monday, Adviser Ratings released its Musical Chairs report for the first quarter of 2023, which also showed healthy signs for the advice industry.

“After several years of upheaval, there are early signs the 2023 calendar year may bring renewal for financial advisers,” the report said.

The first quarter of 2023 saw 491 advisers switch licensees, up slightly from the 451 advisers that migrated in Q4 2022.

“Traditionally, we’ve seen a rise in switching in the first quarter, as advisers settle into the new year and mark out their business and growth intentions for the next 12 months,” Adviser Ratings said.