Quilter Financial Planning’s focus on adviser productivity has seen 141 restricted advisers depart the business.

The total number of restricted advisers stood at 1,701 at the end of June 2021, down from 1,842 at the end of December last year.

Quilter plc interim results for the six months to the end of June indicate the firm has seen a “marked improvement” in productivity from its reduced headcount of advisers at QFP.

Paul Feeney, chief executive of Quilter said: “At the beginning of 2021 we indicated that Quilter Financial Planning expected to shift its focus towards adviser productivity.

“We wish to ensure that restricted advisers within our network are fully aligned with our integrated proposition and that those advisers within the network who have remained independent have a pathway towards adopting restricted status where appropriate within a reasonable timeframe.”

He said where this has not been the case the firm has “facilitated a number of departures”.

The results show net client cashflow per adviser increased to £2.2m from £1.6m and £1.5m in the comparable periods of 2019 and 2020 respectively.

Feeney added: “While our work to reshape our advice business is ongoing, we expect the rate of attrition in adviser numbers to reduce in the second half before returning to a growth path from 2022 onwards.”