Gender balance improving among new entrants

Latest figures from Wealth Data have revealed that 31.41 per cent of provisional advisers are female compared to just 22.31 per cent of all other advisers.

Overall, the current split of total advisers is 77.42 per cent male and 22.58 per cent female.

Commenting on Wealth Data’s findings, which are based on its own research of ASIC data, Colin Williams said that for those looking for diversity, the results are not great.

“However, there are some brighter spots with a better balance among new entrants as measured by provisional advisers,” Mr Williams said.

Overall, the industry lost five advisers in the week to 24 November; meaning, it currently sits at 15,894 advisers.

Looking at the major licensee owners and movements throughout the year, Wealth Data revealed that Insignia suffered an exodus of 239 advisers over the last 12 months but noted that losses had steadied over the last six months before turning positive over the last couple of months.

AMP group suffered the greatest loss over the last six months having said goodbye to 111 advisers, while WT Financial Group has been having a tough three months with the exit of 64 advisers.

Conversely, Centrepoint has been steady throughout the reviewed period, while Count Plus has shown positive movement.

Looking closer at the data, Mr Williams explained that the move to self-licensing is a big factor in losses.

Wealth Data also revealed that Insignia recently overtook AMP for the number of provisional advisers, now at 24 — three ahead of AMP at 21.