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Instos abandoned in droves as adviser numbers slip below 20k
Instos abandoned in droves as adviser numbers slip below 20k
The great adviser migration away from institutional dealer groups and towards independent licensees has continued in June, with total adviser numbers hovering close to 19,500 as the 2021 financial year drew to a close.
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The latest Adviser Ratings data showed that 112 advisers left the industry in the week to 24 June, with total numbers on the adviser register now at 19,651.
Comparing adviser numbers at the industry’s peak in December 2018, the biggest losers continued to be institutional licensees, with AMP Financial Planning now down 50 per cent from 1,414 advisers to 712 advisers.
Whereat said the 406 authorised representatives accounted for 84% of the “targeted advisers” (around 483) with 77 advisers either moving to become self-licenced or had moved to another licensee.
“There were a number of advisers in the self-employed space and decided someone else was a better partner and we respect that decision – it’s been a long process and there have been some businesses that have made decisions as to what suits them best,” he said.
“We are fortunate and happy with advisers that chose to partner with us. For those that decided to leave us – the door is always open should they want an institutional relationship.”
HFS’ director, Colin Williams, said that none of the advisers actually left the AMP Group and there were still a couple of advisers who still operated under all three licensees, with two advisers having two adviser (representative) numbers each.
“As a result of the changes at AMP, the number of advisers that are authorised to provide advice under three licensees dropped from 19 to 12. The variance between the number of advisers and actual advisers dropped from 373 to 358,” he said.
Commenting on the losses for the week, Williams said the changes this week were dominated by three licensees, all losing 10 adviser roles each, however none of the advisers had actually left their business.