Instos abandoned in droves as adviser numbers slip below 20k
Instos abandoned in droves as adviser numbers slip below 20k
The great adviser migration away from institutional dealer groups and towards independent licensees has continued in June, with total adviser numbers hovering close to 19,500 as the 2021 financial year drew to a close.
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The latest Adviser Ratings data showed that 112 advisers left the industry in the week to 24 June, with total numbers on the adviser register now at 19,651.
Comparing adviser numbers at the industry’s peak in December 2018, the biggest losers continued to be institutional licensees, with AMP Financial Planning now down 50 per cent from 1,414 advisers to 712 advisers.
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