Page 36 - Wealth Data News Today

Insignia has lost 31 advisers this week, according to Wealth Data, narrowing the already-small gap between them and AMP Group.

Some 433 advisers departed the industry in the first quarter of 2022 – a fraction compared to the previous period according to Adviser Ratings. With the major deadline for the adviser exam having passed, the industry is due for some stability but the research firm warns the “promise of change on the horizon looms”.

The merger between superannuation funds Hostplus and Statewide Super has caused a busy week for adviser movements with only a net of five advisers leaving the industry this week.

The financial planning model has seen the lowest level of resignations and switches in 2022 while the holistic model saw the highest number of new AFSLs commence.

Losses dominate Wealth Data’s weekly adviser number report for the third week in a row as numbers edge down towards 17,000 advisers, according to Wealth Data.

The cost of advice is expected to grow as the number of financial advisers continues to fall, a new report finds.

Instead of going on attack mode, Labor used its address to highlight what it believes it can bring to advice and superannuation. The shadow treasurer and financial services minister both pledged to protect the SG rise as well as advocating for less change in the industry.

The number of advisers has fallen by 29 from 17,173 to 17,144, according to Wealth Data, while no new licensees were established.

The number of advisers in the profession has fallen after an uptick prompted by exam passes, with this week’s losses mainly driven by Insignia and AMP, according to Wealth Data.

Mentoring a university graduate through their Professional Year may seem a daunting task for an adviser, writes Hans Egger, but there are some very good reasons to do it.