New entrants boost adviser numbers as AMP loses a dozen

Australia’s largest advice licensee has lost 12 financial advisers over the week, while the expected wave of new entrants boosts overall adviser numbers.

In the week to 2 May, AMP Group led the weekly losses with a decline of a dozen advisers, according to Wealth Data.

Five of the 12 moved across from AMP-owned Charter Financial Planning to PSK Group. Meanwhile, a practice from AMP Financial Planning commenced its own Australian Financial Services Licence (AFSL) with three advisers. The remaining four were not recorded as appointed elsewhere.

Over the past seven weeks, the advice group has seen a cumulative loss of 22 advisers.

Last month, AMP reported $544 million in quarterly adviser inflows for the first quarter of 2024. The firm is also approaching 1,000 advisers with 978 currently (as of 16 April), while it seeks to break even in its advice division.

The advice profession saw a net growth of 11 advisers over the past week, underpinned by 14 new entrants joining the industry. A surge of new entrants is expected to continue in coming weeks following the latest adviser exam results from the Australian Securities and Investments Commission (ASIC).

Over 80 advisers were active with appointments and resignations. Two licensees commenced operations, one recommenced, and three ceased.

Examining the weekly declines, 21 licensee owners had net losses of 34 advisers in total.

Following AMP, Fortnum Private Wealth bid farewell to three advisers and 19 licensees were down by net one each. This included Insignia Group, Ord Minnett Group, and Nextplan Financial.

Looking at the growth over the week, 31 licensee owners had net gains of 43 advisers led by PSK Group after it welcomed the five advisers from AMP.

Additionally, four licensees grew by two advisers each. This included Shaw and Partners, which picked up one adviser each from Macquarie Equities and Personal Financial Services (PFS), which was acquired by Fortnum from Australian Unity earlier this year.

Morgans brought in one new entrant and one adviser from Fiducian Group while CHPW Financial saw two advisers come across from Sequoia-owned Interprac Financial Planning.

Optimal AFSL welcomed one new entrant and saw the other adviser return to the licensee after a short break.

A long tail of 24 licensee owners increased by net one adviser each. This included Zurich Financial Services picking up one adviser from WT Financial Group’s Millennium3 and both the National Tax and Accountants’ Association (NTAA) and Mercer welcoming back one adviser each after a break.