Adviser churn between AFSLs continues
Churn continues to be the dominant factor in changes to the Financial Adviser Register (FAR) with 105 updates, but only two additional advisers entering the profession.
The latest analysis from WealthData shows the number of advisers currently on the FAR sitting at 15,577.
Key Adviser Movements For This Period
- Net change of advisers +2
- Current number of advisers at 15,577
- Net Change Calendar 2025 YTD +101
- Net Change Financial YTD +234
- 29 Licensee Owners had net gains of 42 advisers
- 22 Licensee Owners had net losses for (-63*) advisers
- Three new licensees commenced and three ceased
- 8 New entrants
- Number of advisers active in this period, appointed / resigned: 105.
*The losses appear high. However, some 27 of the losses recorded of the 63 noted above, are advisers who were authorised at two AFSLs and now only authorised at only one AFSL. Therefore, these advisers have not dropped off the ASIC FAR.
Growth – Licensee Owners
- A new licensee commenced with five advisers. The firm was previously with AMP Financial Planning, now owned by Entireti & Akumin Group.
- Ord Minnett up by five advisers, all advisers from Perpetual who had resigned in December 2024.
- Centrepoint continue their growth story, up by four, all coming from different licensees
- PSK Group up by two, picking up three advisers from Charter, now owned by Entireti & Akumin Group. All three are currently still authorised at Charter. They also lost one adviser to Strategic Finance Partners
- A new licensee commenced with two advisers who were previously at Adviser Solutions Group.
- A tail of 24 licensee owners up by net one adviser each including Spark Partnership Group, Capstone and the remaining new licensee.
Losses – Licensee Owners
- Wealth Trail Pty Ltd, owned by Christopher MacEachern down by 27 and now at zero advisers. The advisers had previously become authorised at Endeavor Asset Management in Jan 2025.
- Count Limited down by six, all six have not been appointed elsewhere to date. Five of the advisers previously at Merit Wealth and one from Count.
- Entireti & Akumin Group also down by six, appointing one adviser at Fortnum who moved from First Mutual and losing seven advisers, five to a new licensee and the other two are yet to be appointed elsewhere.
- Five licensee owners down by two
- Art Group Services (Australian Retirement Trust), both advisers not appointed elsewhere
- Financial Services Group, one adviser moving to Centrepoint, the other is yet to be appointed elsewhere
- Insignia and both advisers are yet to be appointed elsewhere
- Jack Anatole Dahn (Adviser Solutions Group), both advisers part of a group that started its own licensee.
- Togethr Trustees, both not appointed elsewhere.
- 14 licensee owners down by net one each including Perpetual, Lifespan and Fitzpatricks.
It’s clear to me at least that we need urgent Government intervention to stop this churn. The licensees, without urgent Government protection will be unable to sustain profitability. Industry bodies, representing AFSLs, have welcomed the commission of the Bridgetrow report that is due to be delivered to Government soon. The report will consider whether to legislate minimum number of years that an advice business needs to stay with their licensee.
Whats the Bridgetrow Report?
I laughed.
Just what we need, more red tape.