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Once Mighty Bank-licensed Cohort Shrinks To 500-odd Advisers

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August 11, 2021 by Tahn Sharpe, Professional Planner

Article link: https://www.professionalplanner.com.au/2021/08/once-mighty-bank-licensed-cohort-shrinks-to-500-odd-advisers/

The big banks’ 20-year foray into wealth management is reaching its final stages, with the completion of IOOF’s takeover of NAB’s MLC adviser cohort in Q2 leaving only 575 bank-licensed advisers in the market.

According to Adviser Ratings research Q2 was the first time the number of bank-licensed adviser dropped under 1,000, with the IOOF deal seeing several hundred advisers transfer to IOOF’s stable or among other licensees.


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