Adviser losses in double digits as 6 depart AMP

In the week ending 30 May, Wealth Data reported a decline of 16 advisers across the industry, despite the seven new entrants who joined over the week. The double-digit losses brought overall adviser numbers down to 15,622.

“However, we do expect that some of the advisers dropping off the financial advice register (FAR) this week will reappear soon as they transfer licensees,” said Colin Williams, founder of Wealth Data.

The declines were led by AMP, which was down by six advisers. The licensee lost one adviser from Charter Financial Planning to Alliance Wealth and another to WT Financial Group-owned Synchron. The additional four losses are yet to be appointed elsewhere on the FAR.

Earlier in the month, AMP reported a loss of 12 advisers in a single week. However, this had been partially offset in subsequent weeks, with the losses this week breaking a run of modest adviser gains in the previous fortnight.

The past week saw 23 licensee owners have net losses of 38 advisers in total. Following AMP, Financial Services Group Australia declined by five advisers with none being shown as appointed elsewhere.

Sequoia Financial Group lost three advisers, as it bid farewell to four and appointed one. Legal Super was also down by three advisers with zero displayed as being reappointed to date.

In addition, Insignia Financial saw a loss of two advisers, after appointing one and losing three. Aeran also lost two advisers who are yet to be reappointed.

A tail of 17 licensee owners were down by one adviser each, such as Boyce, Fitzpatricks, and Morgans.

Looking at the growth over the week, 21 licensee owners had net gains of 22 advisers overall.

This was led by Centrepoint Group, which was the only business to have a growth of more than one adviser this week. The licensee’s Alliance Wealth business picked up advisers from AMP-owned Charter and Findex.

Moreover, 20 licensee owners were up by net one each. This included Zurich Financial Services and Spark Financial Group.