Returning adviser numbers trump new entrants this YTD

According to the latest figures from Wealth Data, this calendar year to date (YTD) has seen 620 advisers having resigned and ceased.

A total of 298 advisers, almost half of those who have ceased, have done so after less than 10 years in the profession.

Meanwhile, a total of 241 new entrants have commenced in this same period, a -379 difference to the number of advisers who have resigned.

However, net losses this year are currently at 89. According to Wealth Data, the variance of 290 is made up of advisers who have come back into advice but resigned prior to the end of 2022.

As such, almost 50 more advisers have re-entered advice this YTD than new entrants have joined.

Across adviser losses, Wealth Data pointed to the combined years of industry experience averaging out to 14.3 years per adviser, slightly lower than the average experience for those still operating, at 15.6 years.

Adviser movements this week

For the week ended 10 August, there was a net loss of four advisers. Despite nine new entrants commencing this week, it was not enough to stop overall movements from dipping into negative territory.

Wealth Data founder Colin Williams said this means 15 experienced advisers dropped off the ASIC Financial Adviser Register, with some resignations being backdated before the start of the current financial year.

This brings the current number of advisers to 15,711, down from 15,715, although the net change this new financial YTD still lays in the green, up 143.

Overall, 65 advisers were affected by appointments or resignations, while two new licensees started up and one ceased.

This week, 21 licensees had net gains of 28, with Beryllium Advisers contributing to four of them. Three of Beryllium’s came across from Millennium 3 (M3), currently owned by Insignia.

Meanwhile, four licensees had gains of two, with Steinhardt Holdings (Infocus) welcoming two new entrants. UniSuper nabbed one adviser from NAB, the other being a re-appointed existing adviser.

Count gained two, one adviser hailing from M3 and another coming from Merit Wealth, and AIA gained one from Tynans while the other was a re-appointed adviser after a 12-month break.

Overall, 17 licensee owners were up by one, including the two new licensees that commenced, Centrepoint, Picture Wealth, Euroz, ASVW, and Boyce.

However, 28 licensees had net losses of 32 advisers. CPS Capital Group led the charge with a loss of three, with none of them showing as current elsewhere, according to Wealth Data.

Bell Financial Group lost two, with one of the advisers now at CHPW Financial, while Sequoia was also down by two, with one commencing their own AFSL.

A long tail of 25 licensee owners were down by one each, including Bombora Advice, Shaw and Partners, Guideway, and AMP Group.