Sequoia Group, the parent licensee of InterPrac Financial, has seen a steady outflow of advisers in recent months as many try to distance themselves from the disgraced licensee and its entanglement with the Shield and First Guardian fund collapses.
With the 14 advisers lost in the week ending 14 May, Sequoia is now down to 176 advisers from the 282 it had less than five months ago, according to Padua Wealth Data.
Of those that left this week, two advisers each landed at Gill and Co Advisory, Cobalt Advisory and WT Financial Group, all of which saw a net gain of two advisers this week.
Looking beyond Sequoia-related moves, Centrepoint Group saw the most gains this week with two advisers returning to the licensee after a break from the profession as well as another adviser joining from Focused Financial Advice, leaving the licensee with a net gain of three.
Knight Group was up by two, both of which joined from NKH Knight Holdings, and a tail of 22 licensees saw a net gain of one adviser each including Entireti & Akumin Group, Ord Minnet Group and Daintree Topco.
At the other end of the spectrum, Rhombus Enterprises had a net loss of one after losing two adviser – both of whom had been with the licensee for around 19 years – which has partly offset by an adviser joining from a smaller licensee.
Morgans Group, Count Limited and Findex Group were both down by one, none of which have been reappointed yet.
Focusing on the broader numbers, the Financial Adviser Register (FAR) had a net loss of one this week, bringing the total down to 15,167 and breaking the positive stream of the last few weeks.
At less than seven weeks until 30 June, the net change for the financial year-to-date (YTD) is at a loss of two while the calendar YTD is sitting in the positive at 114.
There was a double-digit boost in new entrants again with 10 hitting the register this week and looking at licensees, there were two new commencements and one closure.
It is important to note that the end of the financial year often triggers the highest period of loss for the year meaning the next few weeks could see a downward trend starting.
