Non-bank licensees pick up insto exiles

Earlier this week, Bell Potter analyst Lafitani Sotiriou reported that, cumulatively, the four major banks, IOOF and AMP have lost 92 advisers, with each individual business in a net-loss.

While the majority of the advisers who departed last month are considered “ceased” on the ASIC Adviser Register, ASIC data shows that several of these went on to join non-bank licensees.

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At least seven advisers who left an ANZ dealer group in January have re-emerged at non-bank-controlled licences such as Infocus Securities, Bluewater Financial Advisors, WLM Financial Services, Walshs Financial Planning and Bongiorno Wealth Management.

Meanwhile, IOOF saw seven of its advisers cross over to Merit Wealth and one to FYG Planners. Merit Wealth also welcomed one adviser previously licensed by an AMP dealer group, while another AMP adviser was picked up by Lifewealth last month.

AMP also continues to see its SMSF advisers depart, with four moving to SMSF Advisers Network, which is owned and operated by the National Tax and Accountants’ Association.

From CBA, three advisers joined Interprac Financial Planning, while another joined Aura Wealth and one joined Dover Financial Advisers.

The trend continued at Westpac, which saw eight of its advisers move onto a range of non-aligned dealer groups, including Synchron, Banyan Securities, Bombora Advice, Findex, Modoras and Morgans Financial Limited.

Of those who remained institutionally-aligned, the data shows that three advisers moved from AMP to NAB’s Meritum licence and three moved from NAB to IOOF’s Consultum license.

In his email to subscribers this week, Mr Sotiriou said, “It was the worst percentage loss over the period, which is consistent with our thesis that the adviser losses are worsening.”