Net change advisers roles (licence owners > 50 current advisers) Source: HFS Consulting Colin Williams, director at HFS, told Money Management that the losses at IOOF and MLC would be very worrying across the board as they were building a momentum of their own which would be hard to stop in the short term. “Another issue will be the number of advisers who may drop out due to not completing the FASEA exam,” he said. “The latest figures out of FASEA are not encouraging and those losses could be very high for a lot of licensees including those owned IOOF and MLC.”