‘Roller coaster’ of adviser numbers continues

According to Wealth Data numbers, there was a solid increase of nine advisers in the industry for the week ending 12 October, with new entrants helping to offset departures.

“The roller-coaster ride of what is the financial adviser market, turned positive this week by nine. This was driven by yet another solid week of new entrants at 16. Only the one new licensee and one ceased,” said Wealth Data founder Colin Williams.

The last four weeks have seen a loss of 30 advisers, followed by an increase of 31, another loss of 18, and now an increase of nine. However, over the same period, the industry has seen a consistent flow of new entrants, with 59 joining the profession on the back of 73 per cent of candidates passing the adviser exam in August.

The latest results mean that total adviser numbers sit at 15,701, which is down 97 for the calendar year and an increase of 142 so far this financial year.

There weren’t any standouts in terms of growth at any individual licensee for the week ending 12 October, however, five licensee owners were up two advisers each. Mancell Family Trust (FYG Planners), Momentum Advice, and Castleguard Trust (Lifespan) all claimed two advisers from different licensees, while Picture Wealth picked up two from Count through licensee Insight Investment and Morgan Stanley gained two new entrants.

Insignia, Morgans, Centrepoint, and Sequoia were among 24 licensee owners that were up one adviser each for the week.

Janus Financial headed up the losses, with three advisers departing its Akambo licensee. Count Group, Fitzpatricks, Fortnum, and Navora were all down two, with Navora now having no advisers left on its books.

Fiducian, AIA Company, and Guideway were among the 14 licensee owners down by one.