The missing 4,557 potential adviser cohort

Mike Taylor

Managing Editor and Publisher

13 December 2024

There are currently 4,557 people who have passed the financial adviser exam but are not practicing, according to the latest analysis from WealthData’s Colin Williams.

Williams has suggested that this cohort of people cannot be ignored in terms of the possible growth in numbers on the Financial Adviser Register (FAR) as the profession heads into 2025.

If those 4,557 people were added to the FAR current adviser numbers would be above 20,000 but many have exited the profession or had no intention of practicing.

According to the latest numbers derived from the FAR, there are currently 118 fewer advisers registered than at the beginning of the year, albeit that there has been growth of around 164 advisers since 30 June.

Williams noted that with the November Financial Adviser Exam numbers in, a total of 225 adviser have passed the exam in 2024 and he expected that many of those successful candidates would show up on the FAR soon.

Key Adviser Movements This Week:

• Net change of advisers +3
• Current number of advisers at 15,507
• Net Change Calendar 2024 YTD (-118)
• Net Change Financial YTD +164
• 18 Licensee Owners had net gains of 22 advisers
• 16 Licensee Owners had net losses for (-19) advisers
• 3 new licensees commenced and none ceased
• 12 New entrants
• Number of advisers active this week, appointed / resigned: 65.

Growth This Week – Licensee Owners

• Four licensee owners up by two:
  • Entireti Limited A busy week for the group. The positive movement was due to two advisers switching to Personal Financial Services from Havana Financial Services, owned by O & Z Pty Ltd. In addition, thirteen advisers switched (internally) from Personal Financial Services to Fortnum, hired one new entrant and lost one AMP Financial Planning adviser.
  • Bell Financial with both being new entrants
  • AD Financial Services, one new entrant and one advisers gained from Samuel Allgate Investments
  • A new Licensee commenced with advisers from Advice Evolution
• 14 licensee owners up by net one each including Templestone Financial Services, Ord Minnett Group, Lifespan and the remaining two new licensees.

Losses This Week – Licensee Owners

• Three licensee owners down by two each:
  • Independent Financial Advisers Australia, both advisers left to commenced their own licensee detailed last week
  • O & Z Pty Ltd (Havana Financial Services), both advisers joining Personal Financial Services attached to Entireti
  • Rhombus, one adviser leaving Consultum to join Nextplan Financial and one leaving RI Advice who is yet to be appointed elsewhere.
• A tail of 13 licensee owners down by one each including Alteris Financial Group, Infocus and WT Financial Group.