Adviser numbers again fall below 15,500

Financial adviser numbers have again dropped below the 15,500 mark and remain down by 140 for the calendar year to date.

The latest analysis of the Financial Adviser Register by WealthData reveals the loss of 27 advisers over the past week bringing total adviser numbers down to 15,485.

Key Adviser Movements This Week:

• Net change of advisers (-27)
• Current number of advisers at 15,485
• Net Change Calendar 2024 YTD (-140)
• Net Change Financial YTD +142
• 21 Licensee Owners had net gains of 30 advisers
• 32 Licensee Owners had net losses for (-56) advisers
• 2 new licensee commenced and 2 ceased
• 7 New entrants
• Number of advisers active this week, appointed / resigned: 88.

Growth This Week – Licensee Owners

• Rhombus up by net 4 and are now at 499 advisers. Three advisers came across from different licensees plus one new entrant
• Six licensee owners up by net two each :
  • Mark O’Flynn (Oxlade Financial) with one adviser from ANZ and one n the process of moving from GPS Wealth
  • New licensee with advisers moving from Grange Risk Solutions and Shaw and Partners
  • Lifespan with one adviser from Retirewell Financial Planning and the other coming back after a short break.
  • New licensee with both advisers moving from Infocus
  • Count with one adviser back after a break and one new entrant at Paragem
  • Australian Financial Planning – both advisers moving across from Consultum – owned by Rhombus.
• A tail of 14 licensee owners up by net one each including Sequoia, Fortnum and Centrepoint.

Losses This Week – Licensee Owners

• LRM Wealth Management (VIAFGA PTY Ltd – Via Financial Group) down by net 12. However, it would appear that this firm is transitioning to Gallagher Group and we expect most / all adviser to reappear on the ASIC FAR soon.
• O+Z Pty Ltd (Havana Financial Services) down by eight. The advisers are in the process of commencing their own AFSL. Expect to see the advisers back on the FAR next week.
• WT Financial Group down by four – none showing as being appointed elsewhere
• Infocus down by three, two advisers started their own licensee and one not showing as appointed elsewhere
• Fifteenseven (Warnocks) down by two and now at zero adviser. None of the advisers being appointed elsewhere.
• A long tail of 27 licensee owners down by one including ASVW Holdings, Canaccord Group and Shaw and Partners.