Second week of three-digit adviser losses

The financial advisory profession saw the second week of triple-digit adviser losses, with the sector shrinking from 129 to 16,783 advisers, according to Wealth Data.

Similar to last week, much of the losses were caused by the Australian Securities and Investments Commission (ASIC) catching up on licensees who failed to remove advisers who failed counselor exam.

Losses were dominated by the effective closure (up to zero advisers) of 62 small Australian self-licensed financial services (AFSL) licensees for a loss of 74 advisers, including 47 AFSLs that closed last week.

Year-to-date, 173 licensees had closed while 291 had closed for the current fiscal year.

Excluding licensees that closed, WT Financial Group was down six net, with all six losses coming from Synchron. Three licensed owners were down a net four, including ANZ Bank and Centrepoint.

Growth per licensee was limited to 25 licensee owners with NTAA owning SMSF Advisers Network increasing by four, while three joined the SMSF Advisers Network and one went to its new licensee Advice Assist.

Meanwhile, 8 licensee owners saw net growth of two, including two new licensees, including Castleguard (Lifespan), while 16 licensees grew by one, including Tal Dai-Chi Life (Affinia) and Fiducian.