There was a notable improvement in the number of adviser exits this week with less than 10 advisers leaving, compared to several weeks of triple-digit falls.
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The past week saw 74 adviser roles appointed while 99 adviser roles ceased, which gives a net loss of 25 roles, however the true story is that 33 actual advisers left the industry this week, according to the analysis by HFS Consulting which looks at adviser numbers from the Financial Adviser Register (FAR) run by the Australian Securities and Investments Commission (ASIC).
Colin Williams, HFS’ director, explained this was due to Apogee Financial Planning having appointed the same adviser three times, which most likely was an error, while at the same time BDO appointed three advisers, of which two still had their roles at Godfrey Pembroke. Following this, Evans and Partners appointed three advisers who also held roles at Dixons, its related business.