Adviser numbers remain in net outflow

Australian financial adviser numbers remained in net outflow last financial year, with the latest analysis from WealthData revealing that there was a net loss from the Financial Adviser Register (FAR) of 211 advisers.

However, as predicted by WealthData principal, Colin Williams, a number of advisers who appeared to be part of an end of financial year spike in exits actually returned to the FAR under new licenses.

The result was a net increase in financial adviser numbers of 39, bringing total financial adviser numbers in Australia this week to 15,469.

As well, Williams pointed to the fact that there had been 21 new adviser registered, bringing the total to 41 since 1 July.

Nonetheless, in calendar year to date terms, financial adviser numbers are down 148.

Key Adviser Movements This Week

• Net change of advisers +39
• Current number of advisers at 15,469
• Net Change Calendar 2024 YTD (-148)
• Net Change THIS NEW Financial YTD +121
• Net Change LAST Financial Year 2023/24 (-211)
• 39 Licensee Owners had net gains of 54 advisers
• 12 Licensee Owners had net losses for (-13) advisers
• 2 new licensees commenced and (-1) ceased
• 21 New entrants
• Number of advisers active this week, appointed / resigned: 74 (last week it was 246).

Growth This Week – Licensee Owners

• Insignia Group up by net seven advisers. Five are new entrants. One adviser switching across from Alliance Wealth (Centrepoint) and the other switching internally within Insignia after a short break
• AvalonFS up by six. However, all six ceased in late June (at AvalonFS) and reappointed in the first week of July
• Four licensee owners up by two:
  • A new licensee commenced with advisers previously at Advice Evolution
  • Pitcher Partners Brisbane with both being new entrants
  • Philborne Pty Ltd (Dirigere Advisory) – With one adviser from Zebra Financial Services and another from Fortnum
  • Bell Financial with both being new entrants
• A long tail of 33 licensee owners up by net one including – Fortnum, Centrepoint, Capstone and the remaining new licensee.

Losses This Week – Licensee Owners

• AMP Group down by two advisers, with three ceasing (backdated into June), and one commencing who was previously at Godfrey Pembroke
• A short tail of 11 licensee owners down by net one including Findex Group, Infocus, Morgan Stanley and the one licensee that closed.