Page 35 - Wealth Data News Today

Adviser exits have fallen for the second consecutive week, from nine exits to five, while 16 provisional advisers commenced.

Diverger has submitted a conditional proposal to acquire Centrepoint Alliance which would create the third largest licensee putting it just behind Insignia and AMP with almost 1,000 advisers. Although it offers a different servicing model to the major institutions, the benefit of scale will give it a market leading position over other licensee service providers.

There was a notable improvement in the number of adviser exits this week with less than 10 advisers leaving, compared to several weeks of triple-digit falls.

The SMSF Association has recommended professionals providing SMSF advice should be required to have completed specialist education as part of its submission to the Quality of Advice Review. The suggestion is in line with previous recommendations from the Productivity Commission, FASEA and ASIC, but the association has called for action.

The number of SMSFs with an adviser has remained steady but the increase of fund establishments without an adviser has led to the proportion of advised SMSFs declining to the lowest level in three years according to research from Investment Trends and Vanguard.

The financial advice profession has lost 89 advisers this week following three consecutive weeks of triple-digit falls to see 499 advisers leave in the last four weeks.

Research by Wealth Data has revealed the total number of advisers who have enough experience to qualify for the proposed experience pathway if it is enacted.

Money Management provides accurate and informative editorial coverage of the Australian financial services and investment management sectors.

Money Management provides accurate and informative editorial coverage of the Australian financial services and investment management sectors.

Looking at annual turnover statistics, Insignia has the highest annual adviser turnover rate of the big five licensees while Morgans has easily the lowest rate of turnovers, according to Wealth Data.