InterPrac bleeds another 14 advisers

Mike Taylor

Managing Editor and Publisher

15 May 2026

The continued uncertainty around the future of Sequoia Financial Group’s InterPrac business is taking a toll with the business losing 14 advisers this week.

Analysis of the Financial Adviser Register by Padua’s WealthData noted that the 14 departures represented the largest weekly loss so far this year.

It said that of the 14 advisers, a number had been appointed elsewhere while others had yet to find new homes.

In a week during which 70 advisers changed status on the FAR, current total adviser numbers stood at 15,167.

Key Adviser Movements for the Week

• 15,167 current advisers
• Net change of advisers (-1)
• New Entrants: 10
• 27 licensee owners had net gains
• 20 licensee owners had net losses
• 2 new licensees and 1 ceased
• Net Change Calendar 2026 YTD: +114 (at the same date last year it was +119)
• Net Change Financial Year 2025/26 YTD: (-2)
• Net change last 12 months: (-408)

Growth – Licensee Owners

• Centrepoint Group up by three. Two advisers returned to their respective licensees within the group after short breaks away from the register. A third adviser switched across from Focused Financial Advice (Jesse Edward Franks).
• Cobalt Advisers up by two, with both advisers switching from InterPrac (Sequoia), continuing the pattern of departing InterPrac advisers finding homes at independent groups.
• Knight Group up by two, both advisers appointed to NKH Knight Holdings.
• Phillip Alexander (Gill and Co Advisory) up by two, with both advisers switching from InterPrac (Sequoia).
• WT Financial Group up by two, with one adviser switching from InterPrac to Synchron Advice and one switching from InterPrac to Millennium 3 Financial Services.
• A tail of 22 licensee owners up by net one each, including Entireti & Akumin Group, Ord Minnett Group and Daintree Topco.

New Licensees

Two new licensees commenced this week: commenced with one adviser, previously at InterPrac (Sequoia).

Andrew Dougherty (DFS Capital Partners Pty Ltd) commenced with one adviser, previously at InterPrac (Sequoia).

MATTHEW HENRI MCBRIDE (Index Tracking Financial Advice Pty Ltd) commenced with one adviser, previously at Lionsgate Financial Group.

Losses – Licensee Owners

• Sequoia Group was down by 14, their largest single-week loss of 2026 to date and the most significant movement of the week. All departures were from InterPrac Financial Planning. Of the 14 advisers who left, two joined Cobalt Advisers, two joined Gill and Co Advisory (Phillip Alexander), two joined WT Financial Group, one joined AvalonFS and one commenced their own licensee at DFS Capital Partners. Six have not yet been reappointed elsewhere. Sequoia now sits at approximately 176 advisers, down from 282 at the start of the year, a loss of over 100 advisers in less than five months.
• Count Limited down by one, with an adviser departing Merit Wealth after being with the group since 2016. Not yet reappointed elsewhere.
• Rhombus Enterprises down by one net, with two advisers departing Consultum Financial Advisers, one of whom had been with the group for nearly 19 years. This was partially offset by one adviser joining RI Advice Group from a smaller licensee.
• Morgans Group down by one, with an adviser departing Morgans Financial Limited after approximately ten years with the group. Not yet reappointed elsewhere.
• Findex Group down by one, with an adviser departing Findex Advice Services. Not yet reappointed elsewhere.
• A tail of 15 licensee owners down by net one each, including Lifespan and Elston Group.