CBA down to zero advisers on FAR

After being one of the most dominant entities in the financial advice arena for more than a decade, the Commonwealth Bank now has zero advisers on the Financial Adviser Register (FAR), according to WealthData.

WealthData principal, Colin Williams noted that last week’s completion of the Commonwealth Bank’s sale of its high net worth financial advisory business to LGT Crestone had left the big banking group without a presence on the FAR.

The transaction saw 38 staff, including 18 investment advisers move home with the advisers now showing up under the LGT Crestone license.

While the Commonwealth Bank no longer has advisers on the FAR, it continues to hold a stake in Count Limited.

The movement added to what was a busy week in terms of the FAR with 101 advisers being appointed or having resigned.

Key Adviser Movements For This Period

• Net change of advisers (-10)
• Current number of advisers at 15,592
• Net Change Calendar 2025 YTD +114
• Net Change Financial YTD +247
• 26 Licensee Owners had net gains of 51 advisers
• 27 Licensee Owners had net losses for (-64) advisers
• Four new licensees and two ceased
• Eight new entrants
• Number of advisers active in this period, appointed / resigned: 101.

Growth – Licensee Owners

• LGT Group Foundation ‘recommenced’ their AFSL with 18 ‘Personal Financial Advisers’ after purchasing the private wealth business of the CBA. The CBA Group is now down to zero financial advisers.
• Picture Wealth up by three, all being new entrants
• A new licensee commenced with three advisers. I would appear that this firm is in the process of moving away from Akumin
• Four licensee owners up by net two each:
  • United Super, one adviser from Halcyon Wealth management and the other coming back into advice after a break of three years
  • Practice Development Group (Godfrey Pembroke), both being new entrants
  • Another new licensee with advisers moving away from Akumin
  • Advice Evolution with one adviser from Fintegrity Wealth Advisers and the other from Lifestyle Asset Management.
• 19 licensees owners up by plus one including Solomons Wealth Management, Phillip Alexander and Janus Financial.

Losses – Licensee Owners

• CBA Group, as mentioned above, now down to zero advisers after the remaining 19 advisers left the group under the deal with LGT Group Foundation
• Count Limited down by six, all leaving Merit Wealth which provides limited SMSF advice. None of the adviser showing as being authorised elsewhere.
• Entireti & Akumin Group down by four, two of the advisers commencing a new licensee and the other two yet to be appointed elsewhere
• Wongan Enterprises (Plandfarm Marketing), down by four, none of the advisers being appointed elsewhere to date
• Corey James Wastle (Verse Wealth Licensee Services) down by three, none appointed elsewhere to date
• Northaven Financial also down by three. All three switching to a new license that started in March with a similar name
• Four licensee owners down by two each:
  • Hatmour (Integro) and none of the advisers appointed elsewhere
  • Industry Super Holdings as above, neither adviser yet to be appointed elsewhere
  • Rhombus Advisory, one adviser moving to CCAFP Wealth and the other yet to be appointed.
  • Spark Partnership and both advisers yet to be appointed elsewhere
• A tail of 17 licensee owners down by net one each including Koda Capital, Sequoia, and Shartru Wealth Management.