Wealth Data has reported a loss of 10 advisers at Australia National Investment Group, a diversified financial services dealer group, in the week ending 18 April.
According to the research house, all 10 advisers joined a new licensee – B. Moses Asset Management – several weeks ago.
On the other end of the spectrum, Centrepoint came out on top this week for adviser growth with gains of four advisers.
This continues their “growth story”, described Wealth Data founder Colin Williams. The licensee was recently ranked as the firm with the highest adviser growth (37) this financial year-to-date as it eyes acquisitions through firms in its licensee network.
Across the wider advice profession, this week’s net loss of eight advisers brought the industry to 15,587.
Two new entrants joined the sector while 77 advisers were active with appointments and resignations. Meanwhile, one licensee recommenced and three ceased operations.
“The three licensees that closed all lost one adviser each to go to zero advisers. Only one of the advisers has been reappointed and it is to another small AFSL,” Williams noted.
Looking at the weekly growth, 20 licensee owners had net gains of 24 advisers. Amalgamated Financial Services, the licensee of Virtue Family Trust, saw the second highest gains with two advisers, following Centrepoint’s growth.
Some 18 licensee owners increased by net one adviser each, such as Morgans Group, Capstone Financial Planning, and Bombora Advice.
In terms of weekly declines, 29 licensees had net losses of 41 advisers. Following the Australian National Investment Group, three licensees lost two advisers each.
Count Financial bid farewell to one adviser each at Count and GPS Wealth, but both are not showing as being appointed elsewhere.
Insignia Financial welcomed one adviser who started back up from a break yet lost three advisers at RI Advice, with none showing as being appointed elsewhere.
A long tail of 25 licensee owners were down by net one adviser each, including WT Financial Group, AMP Group, and Viridian Advisory.
WT Financial gained two at Synchron but lost three at Millennium3, while AMP gained one adviser at Charter from Interprac but lost two advisers from AMP Financial Planning. Viridian lost one adviser who joined Centrepoint-owned Alliance Wealth.
Seems like the last Adviser standing will need to pay a big chunk of that $245 million Compensation scheme of last resort levy.
If ASIC & Treasury meets it’s planned target of 5,000 Advisers it’s going to be a very big chunk.