2 large licensees see continued adviser losses

Research house Wealth Data found that in the week ending 11 April, Count hired one adviser and lost six, while AMP bid farewell to five advisers. Only one exiting adviser from each firm has been appointed elsewhere.

In the past four weeks since 21 March, Count has declined by 20 advisers and AMP has lost nine advisers.

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The research firm revealed last week that Count has lost the greatest number of advisers this financial year-to-date at a decline of 59 advisers (as at 4 April). However, Wealth Data founder Colin Williams stated that the firm is carrying the losses for firms it has purchased, including Affinia and licensees associated with Diverger.

This week to 11 April saw a net zero change in adviser numbers, with the industry remaining at 15,595 advisers. Wealth Data reported a loss of 14 advisers last week which caused the industry to fall below the 15,600 mark.

Some 57 advisers were active with appointments and resignations across the week. Meanwhile, four new entrants joined the advice sector.

Examining the weekly declines, 16 licensee owners had net losses of 26 advisers in total. Following the losses at Count and AMP, both Sira Group and Fortnum Private Wealth lost two advisers each.

A smaller tail of 12 licensee owners were down by net one adviser each. This included Centrepoint, Lifespan Financial Planning, and Viridian Group.

Simultaneously, 21 licensees had net gains of 25 advisers in total. This was led by Sequoia Group, which “bounced back after some recent losses” with a rise of three advisers, Williams noted.

“A new licensee commenced with two advisers. The founder is ex-Havana Financial Services and the other adviser is coming back into advice after a break of some five years,” he said.

Morgans Group also grew by two advisers, while 18 licensee owners were up by net one each. This included WT Financial Group, which hired the last remaining adviser at Affinia which now has zero advisers since Count acquired the firm last year.