Page 21 - Wealth Data News Today

A licensee saw a drop of more than 20 advisers this week, according to Wealth Data, while there were six new entrants.

AMP chief executive Alexis George says 2023 saw advisers looking to join the business again after a difficult few years, as it takes the top spot as Australia’s largest licensee.

Wealth Data’s Colin Williams expects financial advice licensees recommencing to be a common trend throughout this year, as nine licensees have restarted over the past four weeks.

Losses at Count and Diverger, which are set to merge in March, have wiped out the double-digit adviser gains seen last week.

Wealth Data has recorded a “very encouraging” 18 advisers joining the financial advice industry this week, with over three-quarters joining as new entrants.

There may be a trend for advisers opting to set up their own licence, but those contemplating the change have been warned it is not necessarily the right path for every adviser.

The number of advisers who have joined since the start of the year has risen to 24, according to Wealth Data.

Wealth Data has tallied up the net movement of advisers seen in the financial advice industry during 2023 with only one sub-sector reporting positive growth.

Adviser numbers are off to a good start for 2024 with double-digit gains for the first two weeks of the year, according to Wealth Data.

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