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This week saw a big drop in adviser numbers to 19,953 as licensees with limited advice services continued to cut advisers roles and advisers opting not to proceed with the FASEA exam. ....
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.” ....
This week GWM Adviser Services continued to lose adviser roles as it accounted for the second biggest drops in adviser number, with six more roles gone, on top of 12 roles which were removed from the register last week, according to HFS Consulting’s analysis. Also, one of the groups owned by Easton Investments, The SMSF Expert, posted this week a loss of three adviser roles while four other licensees (Affinia Financial Advisers, Axies Pty, Charter Financial Planning and Commonwealth Financial Planning) all lost two advisers. Source: IFS Consulting According to Williams, in general adviser losses definitely slowed over recent months and between the start of January, 2020 until today there was a net loss of -2,950 advisers of which more than 2,200 happened in the first half of 2020. ....
According to the survey, in 2015 AMP FP had over 1,700 active authorised representatives who were financial planners and since then the firm had continued to lose advisers, recording a fall to 1,650 and 1,500 planners in 2016 and 2017, respectively. Source: HFS Consulting At the same time, as at the end of December, 2020, AMP Group managed to maintain its dominant position and had jointly 1,598 advisers on its books against IOOF, which came second with 1,249 planners operating under its umbrella. Excluding National Tax and Accountants Association (NTAA), MLC Group ended the year as the third largest financial planning licence by adviser numbers with 676 and was closely followed by Easton Group who had 652 planners. ....