Page 22 - Wealth Data News Today

Wealth Data has revealed the top 10 financial advice licensees for adviser growth and losses in the last year, even as the industry rounds out at 15,667 advisers for 2023.

The financial advice profession can expect to see more advisers forming their own practice instead of sticking with major licensees in 2024, leading to greater industry competition, says Wealth Data’s Colin Williams.

Critique Private Clients, a Sydney-based advisory business, has switched from an Insignia-owned licensee to Count’s Australian financial services licence network.

The number of financial advisers has stabilised above the 15,600 mark as 2023 comes to an end, while Wealth Data confirms AMP now leads as the largest licensee.

Two advice licensees have lost more than 26 per cent in their share price since the start of 2023, while another has seen gains of 35 per cent.

With the growth in micro-AFSLs and self-licensing, Lifespan chief executive Eugene Ardino is looking to double the number of AFSLs it services through its Lifespan Partnership.

With Insignia’s sale of Millennium3 now completed and seeing 140 advisers move over to WT Financial on Friday, this could cause a shift in which licensee closes out the year with the most advisers.

The Financial Conduct Authority said it is “disappointed” by the way some consumer investment firms have been applying aspects of Consumer Duty.

Money Management reviews the total number of financial advisers active with appointments or resignations throughout November, as Wealth Data reports another 75 changing licensees this week.

Macquarie Group’s releasing of nine financial advisers has driven double-digit losses for the industry this week, Wealth Data finds.