InterPrac adviser exodus continues

Mike Taylor

Managing Editor and Publisher

29 May 2026

Under scrutiny financial planning licensee, InterPrac has continued to lose financial advisers, with a further seven moving to new licensees this week, according to the latest analysis from Padua’s WealthData.

The WealthData analysis came a day after InterPrac’s parent company, Sequoia Financial Group, announced the impending departure of its chairman, Michael Ryan, who has resigned effective from 16 June.

Sequoia explained his resignation stating that it “reflects the expansion of his other current board responsibilities, which impact upon the time available for his continuing role on the Sequoia Board in the future.

The company has not yet named a successor to Ryan and his resignation announcement came two days after the announcement that Asia Pacific Energy Limited had picked up a 5.3% stake in the business.

Key Adviser Movements for the Week

• 15,170 current advisers
• Net change of advisers: +3
• New Entrants: 6
• 22 licensee owners had net gains
• 18 licensee owners had net losses
• 2 new licensees commenced
• 2 licensees ceased
• Net Change Calendar 2026 YTD: +116
• Net Change Financial Year 2025/26 YTD: +1
• Net change last 12 months: (-420)

Growth – Licensee Owners

• Picture Wealth Group up by two, with both advisers joining Insight Investment Services directly from InterPrac (Sequoia).
  Both previously operated their own planning practice together before joining InterPrac.
• Phillip Alexander (Gill and Co Advisory) up by two, both from InterPrac (Sequoia). One had been at InterPrac since October 2023 and the other since November 2022. Gill and Co Advisory has now absorbed multiple waves of InterPrac alumni across the year.
• MPW Financial Group up by two. Both from Banyan Securities (Maura McCabe).
• Three licensee owners each up by two: Centrepoint Group (one adviser from InterPrac and one from Macquarie Bank, both joining Alliance Wealth), Australian Administration Services (MUFG Retire360) (both from industry super fund backgrounds) and Vivid Holdco (Viridian Advisory) (one adviser from Fitzpatricks Private Wealth after more than twenty-two years and one new entrant).
• A tail of 15 licensee owners up by net one each, including Morgans Group and Ord Minnett Group.

Losses – Licensee Owners

• Sequoia Group down by seven, all from InterPrac Financial Planning. Two joined Picture Wealth Group (Insight Investment Services), two joined Gill and Co Advisory (Phillip Alexander) and three are not yet reappointed. Sequoia now sits at 161 advisers, down from 282 at the start of the year.
• Count Limited down by two. One adviser departed Merit Wealth and joined Capstone Financial Planning the following day, having been at Merit Wealth since 2020. The other departed Merit Wealth and is not yet reappointed.
• Estens and Rankmore down by two and reduced to zero advisers. Both principals ceased on the same date with no subsequent appointments recorded.
• Iain David Jeffery (Mawson Wealth) down by two, with both advisers departing on the same day. Neither has been reappointed yet.
• A tail of 14 licensee owners down by net one each, including Rhombus Enterprises and NAB Bank.