Sharing the latest adviser movement statistics, Adviser Ratings founder Angus Wood noted that just two advisers had ceased their authorisations in the week to 25 February, while two had joined the industry. A further 18 had switched licensees.
Mr Woods said the data represented “a very good week all up” for the sector, although he did not expect adviser exits to let up, with 149 practitioners having left since the start of 2021.
Growth continued to be at the smaller, privately owned and boutique licensees, at the expense of larger institutional licenses. Looking at longer-term data, Commonwealth Financial Planning led the decline in adviser numbers, having shrunk 70 per cent from 731 advisers in December 2018 to 219 in February 2021.
AMP Financial Planning had also seen significant adviser losses, down 43 per cent from 1,414 advisers in December 2018 to 804 in February 2021. The institution was also seeing a large number of exits from its other aligned dealer groups, with Charter’s adviser numbers falling 38 per cent from 703 in December 2018 to 438 in February 2021.
Adviser exits from the MLC dealer groups also continued as a result of the sale of the business to IOOF, with Garvan down 23 per cent on its adviser numbers at the end of 2018, from 487 to 375 in February 2021.
Meanwhile, WA headquartered licensee Sentry Group had seen positive growth over the period, with adviser numbers up 15 per cent to 139 in February 2021 from 121 in December 2018.
New licensees Financial Control and PKF had also picked up three and seven advisers respectively, while Queensland-based Oracle Advisory Group had grown to 27 advisers in February, up from nine at the end of 2018.
Ive met all the requirements and even got a Masters FP in 2012 before a gun was held to my head. I am young enough to continue but I will be leaving. I am not going to spend the rest of my professional life as little more than a beggar for signatures to keep receiving income for the ongoing work I do. What a joke. Who needs the aggravation. I will take my hard earned savings and retire early. I refuse to be hunted like a dog by the the most useless wastes of skin that regulate us.
Enjoy your well earned retirement Wonder Dog!
Simple answer: No.
The more advisers that leave, the more in demand those who remain become.
Increased demand against scarce supply = increased prices.
Increased prices = more advice for people who are already financially secure, no advice for those who need it most.
“These reforms will lead to increased accessibility and affordability of advice for Australians” Bwahahahahahahhaha!
My understanding is it will be a blood bath in June and in December all based on structured retirements that occur usually in June and December most years. Look out
I have analysed the figures for the last 20 minutes and they show 0.001 advisers joined the industry and 0.076 left. This shows a clear trend of advisers leaving the industry at 76 times the rate of advisers joining.
Also, in the last 5 seconds the ASX 200 jumped 0.03%. This is an annualised trend of 189,216%. Therefore you should stop reading this trash right now, and go buy lots of shares.
This is Donald Trump-esque. The exam numbers tell the true story. By 1 Jan we will be down by 40-50% compared to 1 Jan 2019. With demand for advice stronger than ever, the remaining advisers will quickly reach capacity and will no longer flaunt themselves on the Adviser Ratings website.
Wow 2 Advisers join the Industry over 1 week and you come up with this heading.
Sorry that is just pathetic journalism.
But i guess you got me to click so you get a tick from the boss.
Give that till late 2021…
Yes, that’s right, give it ’til Dec 2021 when all the advisers with 35 years gold experience and an army of loyal clients (who have never made a complaint against their loved adviser) have to leave because their ethics have become no good all of a sudden. because they may not be good at classroom exams (been in the field – not a classroom like academics – for 40 years PROTECTING clients) OR, like myself, simply abhor taking such a nonsensical “ethics” exam on principle and will be gone end of this year because of it. It sickens me that the entities who were given traction saying you can ‘test’ for ethics are the ones ruling the roost currently and probably never held a real GDP producing job outside of school their entire life. Adviser that cheated people before the exam are smart enough to fake this ludicrous test and come out the other side to CONTINUE to cheat people again. Conversely, GOOD honest experienced advisers with 35yrs+ behind them are driven from the industry – go figure – idiot politicians and bureaucrats, all !