Adviser growth stalls

Growth appears to have stalled for the moment in the financial planning profession, with existing advisers simply churning between licensees.

The latest analysis from WealthData points to a situation where numbers on the Financial Adviser Register are now solidly below the 15,600 with which they started the financial year.

The current number of advisers on the FAR is now 15,492, with the WealthData analysis confirming that this represents a decline of 128 in calendar year to date terms.

Key Adviser Movements This Week:

• Net change of advisers (-1)
• Current number of advisers at 15,492
• Net Change Calendar 2024 YTD (-128)
• Net Change THIS NEW 2024/25 Financial YTD +148
• Net Change LAST Financial Year 2023/24 (-217)
• 32 Licensee Owners had net gains of 64 advisers*
• 23 Licensee Owners had net losses for (-39) advisers*
• 3 new licensees commenced and (-4) ceased
• 17 New entrants
• Number of advisers active this week, appointed / resigned: 103.

*The variance is quite large between gains and losses (-25), yet the overall net loss is only (-1). This is mainly due to one licensee appointing (gained) 20 advisers, but those advisers are still current at another AFSL. Therefore, the 20 are not recognised as a loss.

Growth This Week – Licensee Owners

• Finchley & Kent had a net increase of 20 advisers. However, all the advisers are still authorised at Sambe Investments.
• Rhombus Advisory up by net three. RI advice picked up four advisers, all of whom moved from Count and lost one adviser from Consultum who is not showing as appointed elsewhere.
• Six licensee owners up by net two each:
  • Wealth Spectrum with one new entrants and an adviser who moved from Premium Advisory
  • Perpetual Group with both being new entrants
  • Centrepoint Group, hiring three including one new entrant and losing one adviser
  • AAN Wealth Management with both advisers coming back after a break
  • Two new licensees commenced with two advisers each, details given to members
• 22 licensee owners up by net one each including HESTA, Bombora Advice, Koda and Morgans.

Losses This Week – Licensee Owners

• AFSL – United Global Capital, owned by The Trustee For The Hewish Family Trust, was cancelled by ASIC, resulting in the loss of nine advisers
• AMP Group down by four advisers, losing advisers at Charter and Hillross
• Count Limited also down by four advisers, as mentioned above, four have moved to RI Advice, another ceased and one adviser was reappointed after a short break off the ASIC FAR
• Three licensee owners down by two advisers each, including Build Your Wealth that went to zero advisers
• 15 licensee owners down by net one each including Insignia Group, PSK, FSSSP Financial (Aware Super) and the two remaining licensees that went to zero advisers.