The number of advisers has grown this week, ending six consecutive weeks of adviser losses, while there were record numbers of provisional advisers joining the industry.
Firms are “going to great lengths” to retain financial advisers, offering them pay rises as high as $50,000 or extra responsibilities to prevent their departure.
The number of financial advisers increased this week due in part to most resignations being filed for the previous financial year and most appointments being filed for this financial year.
The financial advice profession has lost 89 advisers this week following three consecutive weeks of triple-digit falls to see 499 advisers leave in the last four weeks.