Bounce back week for adviser numbers

Following a drop of 12 advisers last week, the industry has rebounded slightly to sit at 15,694 as at 30 November, according to Wealth Data.

“The adviser count moved up by six advisers, boosted by five new entrants,” said Wealth Data founder Colin Williams.

“While the gain was modest, 75 advisers ‘moved’ in one direction or another this week. As we start to looking at closing the year, we can expect more volatility in the adviser market.”

The gain of six advisers this week winds back the total losses for the calendar year slightly to 105, while the financial year gain is now at 135.

The week ending 30 November also saw just one new licensee enter the industry and three cease.

The largest increase for the week came as advisers moved from one super fund to another, with Australian Retirement Trust’s increase of five advisers including four coming from Aware Super.

LFG Financial Services was up by three advisers for the week, all added from Australian Mortgage and Financial Advisers, while AMP Group, SGN Financial, and Financial Services Group were all up two advisers.

Spark Partnership Group, Fortnum, Count Group, and Beryllium Advisers were among the 24 licensee owners that all gained one adviser each.

Insignia saw the largest losses for the week, dropping by four advisers, followed by the previously mentioned Australian Mortgage and Financial Advisers and its drop of three.

Diverger’s adviser count fell by two, while Macquarie Group followed up last week’s loss of nine advisers with another two this week.

Fiducian, Morgans, and Centrepoint, as well as the three ceased licensees, were all among the 20 licensee owners that fell by one adviser each.