Page 40 - Wealth Data News Today

Wealth Data also showed that licensees with 100 or more advisers was made up of only 37 licensees (1.76%) of all licensees, but they represented 8,910 (45.64%) of all adviser roles.   Meanwhile, at the other end of the spectrum, there were 777 single adviser licensees which accounted for 36.91% of all licensees but only 4.01% of all adviser roles.  By comparison, Money Management’s 2020 TOP Financial Planning Groups research found that over the last five years the total number of the Aust...

“Who knows what the ASIC levy is going to be by the way – last year they forecast that it was going to be $1,500 and it came in at $2,400,” Trapnell said. “If an adviser leaves a licensee, goes somewhere else or leaves the industry, that licensee would quite rightly charge the adviser what the ASIC levy is going to be. “The ASIC levy is calculated as a levy based on the number of authorised representatives in the licensee as at 30 June each year, but it is not charged to the licensee ...

The data from the Australian Securities and Investments Commission showed that the number of advisers dropped this week by 112 to 19,631.

Also, according to the data, of the 699 identified as having passed the FASEA exam, but currently ceased, 621 left the industry after Jan 1, 2019, and there was a total of 784 resignations for this group of 621, highlighting that some lost their role more than once. “Not all appear to be without a ‘job’,” Williams said. “A small number work in advice support roles and have been released from the FAR. We have seen this occur a number of times as licensees cut back on the number of non-...

This week 103 advisers left the industry during a period which saw a lot of adviser movement thanks to IOOF finalising its absorption of MLC Wealth advisers.

Whereat said the 406 authorised representatives accounted for 84% of the “targeted advisers” (around 483) with 77 advisers either moving to become self-licenced or had moved to another licensee. “There were a number of advisers in the self-employed space and decided someone else was a better partner and we respect that decision – it’s been a long process and there have been some businesses that have made decisions as to what suits them best,” he said. “We are fortunate and happy ...