Adviser numbers dip below 15,600

Financial adviser numbers dipped below the 15,600 mark last week as the looming end of the financial year began to generate movement in the profession.

The latest analysis from WealthData revealed that numbers on the Financial Adviser Register (FAR) had dipped to 15,597 after having steadily built to over 15,600 throughout much of the first six months of 2024.

The WealthData analysis also confirmed that adviser numbers are in negative territory in calendar year to date terms, down by 18, although numbers are guaranteed to finished the financial year in positive territory remaining up by 41 last week.

Key Adviser Movements Last Week:

• Net change of advisers (-9)
• Current number of advisers at 15,597
• Net Change Calendar 2024 YTD (-18)
• Net Change Financial YTD +41
• 16 Licensee Owners had net gains of 21 advisers
• 23 Licensee Owners had net losses for (-30) advisers
• No new licensees commenced and two eased
• 4 New entrants
• Number of advisers active this week, appointed / resigned: 49.

Growth Last Week – Licensee Owners

• Capstone were up by four advisers, gaining three advisers from AMP and another adviser coming back into advice after a short break
• IA Advice up by two, with both advisers moving across from Crest Wealth Advice owned by Capital Accounting Trust
• Australian Retirement Trust also up by two, with advisers coming back after a break
• A tail of 13 licensee owners up by net one each including: Oreana, Lifespan and Bell Financial Group.

Losses Last Week – Licensee Owners

• Capital Accounting Group (Crest Wealth) down by four advisers and the licensee down to zero. As mentioned above, two joining IA Advice, another joined NWG Financial Planning and the reminder yet to be appointed
• Four licensee Owners down by two advisers each:
  • AMP Group – Appointing one new entrant but losing three advisers
  • Centrepoint – Losing one each from Alliance Wealth and Matrix
  • Guideway – Losing two advisers yet to be appointed elsewhere
  • Viridian – Losing one adviser to Templestone and the other yet to be appointed elsewhere.
• A tail of 19 licensee owners down by net one including: Insignia, Morgans Group and Mutual Trust.