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Licensee M&As contribute to adviser churn

Mike Taylor9 February 2024

The change of control of financial planning businesses over the past four months is beginning to show up in financial advisers changing licensees with 105 advisers changing their status on the Financial Adviser Register (FAR).

According to analysis from WealthData, while 36 licensees gained 52 advisers, another 36 advisers actually lost 44 advisers and among the names of those gaining or losing advisers were Sequoia, Hillross, Adviceiq and Centrepoint and Infocus.

What is more, the analysis pointed to both AMP Limited and Insignia Financial both recruiting and losing advisers, but down overall while there was minor movement with respect to Count Limited which is in the final throes of acquisition of Diverger and WT Financial Group which is in the process of bedding down its acquisition of Millennium3 from Insignia,

WealthData principal, Colin Williams pointed to two new licensees having been registered alongside three who have recommenced on the FAR.

Key Adviser Movements This Week:

  • Net change of advisers +2
  • Current number of advisers at 15,648
  • Net Change of +36 for Calendar 2024 YTD
  • Net Change Financial YTD +92
  • 36 Licensee Owners had net gains of 52 advisers
  • 36 Licensee Owners had net losses for (-44) advisers
  • 5 New licensees (3 recommencing) and 3 ceased
  • 11 New entrants.
  • Number of advisers active this week, appointed / resigned: 105.

Growth This Week – Licensee Owners

  • A new licensee commenced with 5 advisers. This was a former practice of Hillross, AMP. Details given to our members.
  • Three licenses owners up by net 3:
    • Sequoia via its licensee Interprac, with all 3 advisers coming from different licensees
    • Sambe Investments, with all three from different licensees. Two of the advisers returning after a break
    • Philborne Pty Ltd (Dirigere Advisory) with the three advisers coming across from Synchron, WT Financial group.
  • Six licensee owners up by 2 each including:
    • A new licensee
    • Adviceiq Partners, with advisers moving across from Fitzpatricks
    • and Lifestyle Asset Managment with advisers from different licensees
  • 26 licensee owners up by net one each including, Centrepoint, Shaw and Partners and Steinhardt Holding (Infocus).

Losses This Week – Licensee Owners

  • AMP Group down by a net (-4), after losing (-6) and gaining 2, one being a new entrant.
  • Insignia down by (-3), losing (-4) and gaining 1. Two of the losses have moved to Infocus.
  • Ferdinand FFP (Escala) also down by (-3)
  • Fitzpatricks down by (-2), losing advisers to Adviceiq as mentioned above.
  • A long tail of 32 licensee owners down by (-1) each including, Count, Diverger, UniSuper and WT Financial Group
Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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