Churn and M&A still dominant features of advice

Continuing adviser churn between licensees and mergers and acquisitions of advice groups have been distinguishing features of the financial planning profession over the past week, according to analysis of the Financial Adviser Register by WealthData.

Notwithstanding the major factor being PictureWealth’s acquisition of Superannuation Advice Australia and Financial Advice Australia, there was actually a decline of five advisers on the FAR with total adviser numbers sitting at 15,511, down 113 for calendar 2014.

Key Adviser Movements This Week:

• Net change of advisers (-5)
• Current number of advisers at 15,511
• Net Change Calendar 2024 YTD (-113)
• Net Change Financial YTD +167
• 26 Licensee Owners had net gains of 64 advisers
• 28 Licensee Owners had net losses for (-67) advisers
• 3 new licensees commenced and none ceased
• 14 New entrants
• Number of advisers active this week, appointed / resigned: 105.

Growth This Week – Licensee Owners

• PictureWealth Group has acquired Superannuation Advice Australia (previously licensed to AAN Wealth Management) and Financial Advice Australia (formerly licensed to KNR Investments). This increases their adviser count to 136, a net gain of 32 in one week. All advisers have transitioned to the PictureWealth Advisory AFSL, now totalling 43.
• Two licensee owners saw an increase of three advisers:
  • Rhombus Advisory added two new advisers and one from AIA Financial Services
  • Morgans Group added two and gained one from AMP Financial Planning.
• Three licensee owners increased by two advisers:
  • Finchley & Kent retained both advisers from Havana Financial Services
  • DMG Financial Planning kept both advisers who were with PSK Advisory Services.
  • A new licensee with both advisers leaving AMP Financial Planning.

• 20 existing licensee owners gained a net increase of one adviser each, including Wilsons Holding, Oreana, and Fiducian. The remaining two new licensees started with one adviser each

Losses This week – Licensee Owners

• AAN Wealth Management down by (-33) with the 30 advisers shifting to PictureWealth and three yet to be appointed. AAN Wealth Management are now down to 3 advisers.
• KNR Investments down by three, all moving to PictureWealth. KNR now only have one adviser under their AFSL
• NTAA also down by three advisers, all three leaving SMSF Advisers Network and not appointed elsewhere
• Three licensee owners down by two:
  • AMP Group losing three advisers and gaining one new entrant
  • Insignia losing one adviser each at Actuate Alliance Services and Bridges – neither being appointed elsewhere
  • WT Financial Group losing one adviser at Millennium 3 and two from Synchron and appointing one new entrant at Synchron.
• 22 licensee owners down by net one each including Lifespan, Count Limited, Fortnum and Sequoia