Adviser exits ramp up ahead of EOFY

According to Wealth Data numbers, despite 13 provisional advisers commencing on the Financial Advisers Register (FAR) in the week to 22 June, there was still a net loss of 17 advisers for the week.

The significant loss also pushed the calendar year to date net adviser losses to 21, which is the lowest it has been all year.

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Wealth Data previously found that the 146 new entrants that have joined the industry so far in 2023 was offset by 365 advisers having ceased as of 1 June 2023

Roughly 240 advisers who had ceased prior to the end of 2022 had rejoined the FAR.

At the time, Wealth Data founder Colin Williams said: “The number of advisers returning tends to ebb and flow, especially around key dates such as the end and start of the calendar and financial years.

“It is a good time to do this exercise as all of the advisers that have ceased would have passed the Financial (FASEA) Exam. In addition, advisers who may have been considering retirement due to the need to gain an approved exam, would have known that an experienced pathway will be expected during 2023.”

In the intervening period, a further 73 advisers have left the industry.

“In just three weeks, the number of ceased advisers has grown to 438. With the end of June fast approaching, we can expect further losses,” Mr Williams said.

“On the upside, we did see ASIC announce that 122 advisers passed the Financial Adviser Exam, and we should see more of these successful candidates come onto the FAR.”

In more recent adviser movements, in the week to 22 June, the largest adviser growth belonged to a newly commenced licensee, which kicked off with three advisers, all coming from Synchron.

Australian Retirement Trust, Fraser Holt (RDL Financial Group), and AMP Group were all up by two advisers, while NTAA (SMSF Advisers Network), Morgans, and WT Financial Group were among 16 licensee owners up by one adviser each.

Licensee owner Robert Purcell (Novatax) saw all eight remaining advisers leave this week, while Insignia lost six.

Shaw and Partners, Fortnum, and Bell Group were all down two advisers for the week to 22 June, while Diverger, Fitzpatricks, Industry Super Holdings, Capstone, Oreana, and Perpetual were among the 22 licensee owners that fell by one adviser each.