Page 39 - Wealth Data News Today

The AIOFP’s annual conference was a melting pot of political representatives attempting to charm the advice industry ahead of next year’s crucial vote. The Labor party intends to significantly eas

The net loss of advisers for the year has surpassed 2,000 as we crossed over into December.

The first week of December sees heavy losses again in adviser numbers with a net change of advisers of over 120 while the net losses for the year stood at 2,062, according to Wealth Data.

The continued decrease in adviser numbers this week was driven by IOOF, AMP Group, BMF Asset Management, and Diverger.

The number of advisers keeps dwindling, reaching just 18,823 at the end of October.   Costs and regulatory burdens continue to put pressure on an exhausted advice industry which now numbers just 18

The combined adviser losses at AMP and IOOF year-to-date is at 171 compared to 143 for all other licensees.

With only one exam sitting left this year, there are still 4,213 advisers on the Financial Adviser Register yet to pass the exam.

The SMSF Advisers Network has continued to lose advisers and has lost 191 advisers since the start of the year, according to data.

The forecast pass rate for the last two exams only stands at 50% as the majority will be re-sitting, according to Wealth Data.

Almost all adviser groups experienced adviser losses in 2021 except small self-licensed advisers which has been the “one area of growth”, according to Wealth Data.