AMP tops weekly adviser growth

According to Wealth Data numbers, the advice profession enjoyed a net gain of four advisers in the week ending 10 October, with overall numbers now at 15,524.

Some 15 new entrants joined the industry, marking the fifth consecutive week of double-digit growth in new advisers entering the Financial Advisers Register (FAR).

Five licensees ceased over the week and two commenced operations, while 72 advisers were active with appointments and resignations.

Examining the adviser gains, 28 licensee owners reported net increases of 38 advisers in total.

AMP Group, Australia’s largest financial advice licensee, was at the top of the list with a rise of four advisers. This consisted of two new entrants, one adviser returning from a break and another back on the FAR after ceasing temporarily.

Three Australian Financial Services (AFS) licensees gained three advisers each. This included Minchin Moore, SGN Financial and a new licensee with all three advisers leaving Capstone Financial Planning.

Count was up by two advisers after the licensee appointed three advisers, including two new entrants, and bid farewell to one adviser.

A tail of 23 AFS licensees welcomed one adviser each, such as WT Financial Group, Rhombus Advisory, Infocus and Spark Partnership.

In terms of losses over the week, 26 licensee owners experienced net declines of 35 advisers all up.

Capstone lost four advisers after three joined the new licensee previously mentioned and one moved to Minchin Moore.

Cervus Wealth declined by three advisers who all joined SGN Financial, meaning it is now down to zero.

Another four AFS licensees bid farewell to two advisers each. AAN Wealth’s two remaining advisers joined the rest of their colleagues over at PictureWealth, which recently acquired both AAN Wealth and KNR Investments. This means that AAN Wealth now has zero advisers.

DMR Family Trust (Affinity Private Financial Services), RNB Group and Wealth Leadership Services were also down by two advisers each.

Moreover, 20 licensees lost one adviser each, including Sequoia Financial Group, AIA Company and Bell Financial.

Last week, ifa reviewed the past three months in terms of adviser fluctuations. Nine out of the 13 weeks enjoyed a growth in adviser numbers, with the remaining five weeks seeing a decline. This was a better performance than six weeks of growth during the same period a year ago.