Page 37 - Wealth Data News Today

Advice principals are benefiting from the sharing of information and knowledge addressing the challenge of retaining and attracting staff in a tight labour market.

The acquisition has brought a new combined entity of WT Financial Group and Synchron to 560 advisers, as per Australian Securities Investment Commissions’ Financial Adviser Register, according to Wealth Data.

Adviser numbers have stabilised this week at 17,249 with all new licensees that were launched belonging to the financial planning peer group.

This week saw another decline in adviser numbers, driven by AMP and Insignia, with fewer advisers switching to new licensees.

Insignia Financial chief executive, Renato Mota, believes the future of financial advice has never been brighter as the firm commits to investment in growth for the industry.

While 2022 is showing the continuation of a surge of new advisers, it is not enough to offset those leaving the industry, according to Wealth Data.

After two more optimistic weeks, the total number of advisers fell again this week to 17,282, according to Wealth Data.

After many weeks with heavy losses in adviser numbers, there is finally some encouragement for 2022 and a surge in provisional advisers.

The number of advisers slipped by a further 319 in a single week, bringing the overall number to 17,282 and in line with the forecast, according to Wealth Data, but provisional advisers saw an uptick.

The final week for licensees to report advisers who have not completed the adviser exam has seen 300 leave the industry, mostly led by the SMSF Adviser Network. "Accounting and limited advice is finished," says Wealth Data's Colin Williams.