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Small licensees are further expected to close in the coming weeks with the number of advisers expected to reach between 15,000 and 16,000 this year, according to Wealth Data.
Williams said it would be interesting to watch how many of these small accounting based licensees would remain post FASEA (the Financial Adviser Standards and Ethic Authority) exam requirements as their numbers were reducing each week. “It could lead to opportunities for established advisers to form new relationships with accountants who are calling time on their short financial advice career,” Williams said. Also, according to HFS’ analysis, this week saw 39 licensee owners make net losses for a total of (-77) adviser roles. This was followed by 47 licensees having reported net...