New entrants driving adviser net growth

New entrants have again been a dominant factor in what little growth occurred to the Financial Adviser Register (FAR) over the past week, according to the latest analysis from WealthData.

WealthData principal, Colin Williams said that while adviser numbers on the FAR had increased by only four this week, the net increase was again driven by a solid number of new entrants with 15 new players joining adviser ranks.

The data point to an emerging pattern of modest growth with new entrants more regularly outnumbering exits over recent months.

Key Adviser Movements This Week:

• Net change of advisers +4
• Current number of advisers at 15,524
• Net Change Calendar 2024 YTD (-101)
• Net Change Financial YTD +181
• 28 Licensee Owners had net gains of 38 advisers
• 26 Licensee Owners had net losses for (-35) advisers
• 2 new licensee commenced and (-5) ceased
• 15 New entrants
• Number of advisers active this week, appointed / resigned: 72.

Growth This Week – Licensee Owners

• AMP Group at the top of the list, gained four including two new entrants, an adviser coming back after a short break and an adviser back on the list after being ceased temporarily.
• Three licensee owners up by net three:
  • A new licensee with advisers leaving Capstone
  • Michin Moore with one adviser also from Capstone and two from Wealth Leadership Services
  • SGN Financial with the advisers leaving Cervus Wealth
• Count Limited up by two after appointing three advisers, including two new entrants and losing one adviser
• Overall, 23 licensee owners rose by one, including WT Financial group, Spark Partnership, Rhombus Advisory and Infocus.

Losses This Week – Licensee Owners

• Capstone down by four, as mentioned above, losing three to a new licensee and one to Minchin Moore
• Cervus Wealth down by three and to zero advisers, after losing three advisers to SGN Financial
• Four licensee owners down by two:
  • AAN Wealth – now down to zero advisers, after the two remaining advisers joining the rest of the former AAN Wealth advisers at PictureWealth
  • DMR Family Trust (Affinity Private Financial Services), with one adviser joining Lifewealth and the other not showing as being appointed elsewhere
  • RNB Group, both advisers to date not appointed elsewhere
  • Wealth Leadership Services, down to zero advisers after both remaining advisers joined Minchin Moore
• 20 licensee owners down by net one each including AIA Company, Bell Financial and Sequoia.