Year to date adviser numbers turn negative
![Compass with losses and gains](https://financialnewswire.com.au/wp-content/uploads/Shutterstock_184324463.jpg)
Almost at the halfway point in the calendar year, there are signs that financial adviser numbers are beginning to stall, according to the latest analysis from WealthData.
The analysis has revealed a second consecutive week of losses on the Financial Adviser Register (FAR), down 16 and generating a net loss for the calendar year of nine.
It shows that total adviser numbers now stand at 15,606.
However, WealthData principal, Colin Williams has pointed out that in financial year to date terms, the numbers are up by 50.
“However, if we look at the last 12 months, including most of June last year, the number is a negative (-192),” he said whilst also pointing out that the result was well up on the minus 389 record in the previous corresponding period.
Key Adviser Movements This Week:
- Net change of advisers (-16)
- Current number of advisers at 15,606
- Net Change Calendar 2024 YTD (-9)
- Net Change Financial YTD +50
- 17 Licensee Owners had net gains of 28 advisers
- 28 Licensee Owners had net losses for (-45) advisers
- Two licensees commenced and five ceased
- 3 New entrants
- Number of advisers active this week, appointed / resigned: 73.
Growth This Week – Licensee Owners
- A new licensee commenced with six advisers, with a practice leaving Lifespan and commencing their own AFSL
- Sequoia Group up by three, with two advisers from different licensees and one coming back after a short break
- Four licensee owners up by two:
- Troy Daniel Mahoney (Australia National Investment Group), one adviser from AAN Wealth and another coming back after a break of a few months
- Insignia appointing three, two from Infocus, and one new entrant and losing one adviser who is not showing as being appointed elsewhere
- Cobalt Advisers, with both advisers switching across from HNW Planning
- Centrepoint Group, picking up two advisers from Millenium 3 now owned by WT Financial Group
- A small tail of only 11 licensee owners up by net one each including, Nextplan Financial, Fortnum and Lifestyle Asset Management.
Losses This Week – Licensee Owners
- Lifespan down by seven after losing six advisers to the new licensee mentioned above and once who is not showing as being reappointed elsewhere
- Three licensee owners down by three:
- Bannister Consulting (Sira Group) – None showing as being reappointed
- Sullivan Dewing – None showing as being reappointed and the licensee is down to zero
- WT Financial Group, as mentioned above, losing two to Centrepoint, two more advisers ceased but not appointed elsewhere to date and appointed one adviser who came across from Next Generation Advice.
- Five licensee owners down by two including AAN wealth, Capstone and Count Limited who also dipped to below 700 advisers, now at 699
- A tail of 19 licensee owners down by net one including Canaccord, Morgan Stanley and Viridian Group.
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