2024 will end with around 100 fewer advisers

The number of advisers on the Financial Adviser Register FAR at the end of this year will be around 100 less than in 2023.

The latest analysis of the FAR reveals that in calendar year to date terms at the end of November, there are 111 fewer advisers than at the beginning of the year.

The better news is that there has actually been growth over the second half of the calendar year, with the WealthData analysis showing net adviser growth of 171 in financial year to date terms.

The current number of advisers on the FAR stands at 15,514.

Key Adviser Movements This Week:

• Net change of advisers +5
• Current number of advisers at 15,514
• Net Change Calendar 2024 YTD (-111)
• Net Change Financial YTD +171
• 25 Licensee Owners had net gains of 39 advisers
• 24 Licensee Owners had net losses for (-35) advisers
• 1 new licensee commenced and three ceased
• 8 New entrants
• Number of advisers active this week, appointed / resigned: 70.

Growth This Week – Licensee Owners

• Merchant Wealth Partners (MBS Advice Licence Pty Ltd) up by five, with four advisers moving across from Bombora and hired one new entrant
• Three licensees owners up by three:
  • Phillip Thompson (Skye Money), all three advisers being new entrants
  • Oreana gaining all three from Madison financial Group, owned by Infocus
  • FSSSP (Aware Super) with all coming from different licensees, two of which are back after a short break of being ceased on the FAR
• Four licensee owners up by 2:
  • Troy Mahoney (Australia National Investment Group) with one adviser moving across from Wealth Trail and the other from Smartmove Advice.
  • Rhombus through RI Advice picking up two advisers from Infocus.
  • Vinarc with both advisers coming across from Momentum Wealth Management
  • Caresuper Advice with advisers from Aware Super and Industry Fund Services.
• 17 licensee owners up by net one each including Lifespan, Janus Financial, AMP Group appointing three, including two new entrants and losing two. The new licensee commenced with one adviser.

Losses This Week – Licensee Owners

• Capstone Financial down by five and none currently showing as being appointed elsewhere
• Bombora down by three – with four advisers moving to Merchant Wealth and gaining one back from Merchant Wealth
• Infocus also down by three, with the advisers moving to Oreana (the two lost to Rhombus were recorded as losses last week).
• Three licensee owners down by two:
  • Batholomew Ryan (Oakview Financial), both showing as not appointed elsewhere
  • Insignia Group with both advisers not appointed elsewhere to date
  • WT Financial with one adviser commencing their own licensee and one not showing as appointed elsewhere.

A tail of 18 licensee owners down by one each including Count, Sequoia and CBA Group. All three ceased licensees were single adviser losses.