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Wealth Data has revealed the top 10 financial advice licensees for adviser growth and losses in the last year, even as the industry rounds out at 15,667 advisers for 2023.
Prospective applicants, including a few global companies have sought more time to apply. The first deadline of November 30 did not attract many bids for the Film City project given the large nature of the project and investment involved.
With Insignia’s sale of Millennium3 now completed and seeing 140 advisers move over to WT Financial on Friday, this could cause a shift in which licensee closes out the year with the most advisers.
Insignia is fast becoming the licensee to feel the biggest brunt of adviser departures, losing 24 this week and over 100 in the past calendar year, which is three times that of rival AMP, according to Wealth Data.
Following a loss of 23 advisers over the last two weeks, the licensee’s current adviser numbers sit at just 20 compared to more than 120 in 2019, Wealth Data reports.