While adviser numbers broke a four-week winning streak, Sequoia is the real loser after losing 14 advisers in a single week as the InterPrac situation continues to sour.\u00a0<\/p>\n
Sequoia Group, the parent licensee of InterPrac Financial, has seen a steady outflow of advisers in recent months as many try to distance themselves from the disgraced licensee and its entanglement with the Shield and First Guardian fund collapses.\u00a0<\/p>\n
With the 14 advisers lost in the week ending 14 May, Sequoia is now down to 176 advisers from the 282 it had less than five months ago, according to Padua Wealth Data.\u00a0<\/p>\n
Of those that left this week,\u00a0two advisers each landed at\u00a0Gill and Co Advisory, Cobalt Advisory and WT Financial Group, all of which saw a net gain of two advisers this week.\u00a0<\/p>\n
Looking beyond Sequoia-related moves, Centrepoint Group saw the most gains this week with two advisers returning to the licensee after a break from the profession as well as another adviser joining from Focused Financial Advice, leaving the licensee with a net gain of three.\u00a0<\/p>\n
Knight Group was up by two, both of which joined from NKH Knight Holdings, and a tail of 22 licensees saw a net gain of one adviser each including Entireti & Akumin Group, Ord Minnet Group and Daintree Topco.\u00a0<\/p>\n
At the other end of the spectrum, Rhombus Enterprises had a net loss of one after losing two adviser \u2013 both of whom had been with the licensee for\u00a0around 19 years \u2013 which has\u00a0partly\u00a0offset by an adviser joining from a smaller licensee.\u00a0<\/p>\n
Morgans Group,\u00a0Count Limited\u00a0and Findex Group\u00a0were both\u00a0down by one, none of which have been reappointed yet.\u00a0<\/p>\n
Focusing on the broader numbers, the Financial Adviser Register (FAR) had a net loss of one this week, bringing the total down to 15,167 and breaking the positive stream of the last few weeks.\u00a0<\/p>\n
At less than seven\u00a0weeks\u00a0until\u00a030 June, the net change for the financial year-to-date (YTD) is at a loss of two while the calendar YTD is sitting in the positive at 114.\u00a0<\/p>\n
There was a double-digit boost in new entrants again with 10 hitting the register this week and looking at licensees, there were two new commencements and one closure.\u00a0<\/p>\n
It is important to note that the end of the\u00a0financial year\u00a0often triggers the highest period of loss for the year meaning the next\u00a0few weeks could see a downward trend starting.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"While adviser numbers broke a four-week winning streak, Sequoia is the real loser after losing 14 advisers in…\n","protected":false},"author":2,"featured_media":670562,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[247020,45,49,48,110586,133,215010,119194,131,132,215011,247021],"class_list":["post-670561","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-adviser-numbers","tag-business","tag-ca","tag-canada","tag-far","tag-finance","tag-interprac","tag-padua","tag-personal-finance","tag-personalfinance","tag-sequoia","tag-wealth-data"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/670561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=670561"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/670561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/670562"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=670561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=670561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=670561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}