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Almost 2000 advisers gone so far in 2020

The first half of 2020 has seen almost 2000 financial advisers leave the industry amid a time of flux for the sector.

In January, the ASIC Financial Adviser Register showed 23,682 active advisers, but now the register shows 21,913 advisers.

That's a difference of 1769 advisers - and the true number of advisers who have left the industry may be even higher, as some new entrants were added to the ASIC FAR in the same period.

AMP Financial Planning lost the most advisers, with 153 leaving the licensee. AMPFP now has 1011 financial advisers remaining after starting the year with 1164.

Charter Financial Planning lost a further 77 advisers and Hillross Financial Services lost 40.

It lost even more advisers than ANZ which lost 134 of its 318 as the big bank exited wealth altogether.

IOOF, which acquired ANZ's wealth business, added one adviser total over the six month period. The data does not show how many advisers IOOF picked up from ANZ.

Commonwealth Bank also shed 99 advisers and the SMSF Adviser Network lost 84.

National Australia Bank's advisers went from 350 to 279, with 71 exiting in the last six months. Meanwhile, GWM lost 49 and Meritum lost 17.

Yellow Brick Road Wealth Management, which was sold to Sequoia at the start of the year, and Elders, which is being wound down shed virtually all their advisers.

PriceWaterhouseCoopers Securities went from having 56 advisers registered to two in the last six months.

Merit Wealth lost 45, while Ausure lost 42.

Consilium, the licensee which had picked up the Dover and Spectrum financial advisers, went from 74 financial advisers to 38 - losing almost half their advisers.

Substantially fewer licensees managed to pick up advisers during the period, and those who did gained smaller numbers.

Interprac and Sequoia both gained financial advisers due to acquisitions, picking up 38 and 20 respectively.

Lifespan also gained 36, Ord Minnett gained 26, Nextplan gained 23, Insight gained 20 and Fortnum added 18.

Read more: ANZIOOFSequoiaAMP Financial PlanningASIC Financial Adviser RegisterAusureCharter Financial PlanningCommonwealth BankConsiliumDoverEldersFortnumGWMHillross Financial ServicesInsightInterpracMeritumMerit WealthNational Australia BankNextplanOrd MinnettPriceWaterhouseCoopers SecuritiesSMSF Adviser NetworkSpectrumYellow Brick Road Wealth Management
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