Exam results bear fruit as new entrants boost adviser numbers

The advice profession has jumped back to 15,611 advisers in the week ending 9 May, after slipping below 15,600 last month.

Insights from Wealth Data found this was boosted by 14 new entrants joining the industry following the latest adviser exam, as well as one new licensee commencing operation.

A wave of new entrants had been expected after the pass marks were released for the March financial adviser exam, which showed 210 candidates passing the sitting, a pass mark of 70 per cent of the 298 candidates who sat the exam.

The new licensee is a former practice operating under the Synchron licensee, owned by WT Financial Group, which commenced with seven advisers.

Looking at the overall growth over the week, 29 licensee owners had net gains of 41 advisers.

Politis Investment Strategies was up by three, with all the appointments being new entrants while Australian Retirement Trust and Canaccord Group each appointed two new entrants.

Fortnum Private Wealth appointed two advisers in its PFS business, one of whom was a new entrant and one who joined from Count-owned GPS Wealth, but also lost one who is not yet appointed elsewhere.

A tail of 23 licensee owners were up by net one adviser each, such as Insignia Financial, Spark Partnership Group, and Shartru Wealth Management.

In terms of weekly losses, 19 licensee owners had net losses of 27 advisers in total.

This was led by WT Financial Group, which was down by net five advisers after losing seven to the aforementioned new licensee but hiring two, one of which was a new entrant and one who joined from AAN Wealth.

Count declined by four advisers, as it lost six advisers (five of which were at Merit Wealth) and gained two advisers.

AMP Group declined by two advisers, after losing 12 the previous week, while a tail of 16 licensee owners lost net one each, including Picture Wealth and Bannister Consulting.