Adviser numbers stalled under 15,600
Financial adviser numbers remain below 15,600 and are struggling to gain any upward momentum, according to the latest analysis from WealthData.
Numbers on the Financial Adviser Register fell below 15,600 last month and currently stand at 15,587 advisers with the trend being downward since late February.
Notwithstanding this high levels of churn have continued between licensees, with WealthData principal, Colin Williams, pointing to 77 advisers being affected this week.
He noted that there were only two new entrants to the FAR, the lowest number in some time.
Key Adviser Movements This Week:
- Net change of advisers (-8)
- Current number of advisers at 15,587
- Net Change Calendar 2024 YTD (-29)
- Net Change Financial YTD +32
- 20 Licensee Owners had net gains of 24 advisers
- 29 Licensee Owners had net losses for (-41) advisers
- 1 licensee recommenced (-3) ceased
- 2 New entrants.
- Number of advisers active this week, appointed / resigned: 77.
Growth This Week – Licensee Owners
- Centrepoint continues their growth story, up a net four advisers. Alliance Wealth gained four advisers and lost one. Three of the advisers came from different licensees plus one new entrant. Matrix gained one adviser from Oreana.
- Virtue Family Trust’s licensee, Amalgamated Financial Services, gained two advisers, both from Matrix
- A tail of 18 licensee owners up by net 1 each including:
- Morgans Group, Bombora, Capstone and the licensee that recommenced.
Losses This Week – Licensee Owners
- Australian National Investment Group controlled by Troy Mahoney, down by (-10). The advisers had changed to a new licensee, B. Moses Investment Services a few weeks ago
- Three licensee owners down by (-2) each:
- Count Limited losing one adviser each at Count and GPS Wealth. Both advisers not showing as being appointed elsewhere
- Insignia hired one adviser who had come back after a break since June 2022 and lost three advisers at RI Advice, none at this stage showing as being appointed elsewhere
- Plan 2 losing two advisers, both not showing as being appointed elsewhere.
- A long tail of 25 licensee owners down net (-1) each including:
- WT Financial Group who gained two advisers at Synchron, but lost three at Millennium 3
- AMP Group gained one adviser at Charter from Interprac, but lost two advisers from AMP Financial Planning who have not been appointed elsewhere
- Viridian lost the one adviser who went to Alliance Wealth owned by Centrepoint
- The three licensees that closed all lost one adviser each to go to zero advisers. Only one of the advisers has been reappointed and it is to another small AFSL.
It would be interesting to know how many of those 15,587 licensed advisers have authorisations to provide insurance advice? My guess is about 13,000.
Of those, how many are actually providing new insurance advice? My guess is about 200.
Will be under 15k shortly
Already is below 15K when you take off the time share salespersons and stockbrokers.
what about the 5k accountants who have a limited license? it’s already under 10k
And this won’t be the end of the “exodus” of advisers as education requirements in 2026 impact on those still there.
No doubt, there will be further legislation to reduce those numbers even more.
And if that doesn’t have an effect, think about the adviser levies and the cost of PI that will guarantee a level of culling.
Good luck to the last man/woman still standing…..you’re going to need it.
Not to mention the CSLR levy they’ll pay.