Adviser numbers reverse November’s gains
The financial advice sector has witnessed a modest dip in numbers, with a net loss of nine advisers this week, according to Wealth Data.
In the week ending 5 December, overall adviser numbers stood at 15,505, down from 15,514 a week prior.
The net calendar year-to-date change remained down at -120, while the net financial year-to-date change appeared more positive at +162.
However, analysis of the Financial Advisers Register by Wealth Data suggests that despite fluctuations, the industry has remained resilient, with adviser numbers above 15,500 for the fourth week in a row.
Some 20 licensee owners saw net gains of 25 advisers this week.
Centrepoint Alliance emerged a winner in terms of growth this week, increasing its adviser count by four. This was attributed to the transfer of two advisers from the now-ceased WRS Licensee Pty Ltd, which no longer has any advisers, one new entrant, and one adviser from Capstone and Focused Financial Advice, respectively.
However, the licensee was also down one adviser, who is not yet showing as being reappointed elsewhere.
Walker Lane was up by two, with both advisers moving from Fortnum owned by Entireti, while a new licensee commenced with two advisers and both advisers are also showing as being authorised at Independent Financial Advisers Australia.
Some 17 other licensee owners were also up by net one each, including WT Financial Group, Spark Partnership Group, Count Limited, and the two remaining new licensees.
Meanwhile 25 licensee owners had net losses of 36 advisers.
Capstone Financial was down by four, one being appointed at a new licensee. The others are not showing as appointed elsewhere to date, according to Wealth Data.
Entireti lost two advisers to a new licensee, and additional losses followed with advisers leaving to join Archer Private Wealth and Paragem. Two other advisers left and have not been appointed elsewhere to date.
However, Entireti also appointed two advisers, both returning to advice after a short break.
Jesse Edward Franks (Focused Financial Advice) lost three advisers, one to Centrepoint Alliance and Lifestyle Asset Management respectively, and one adviser yet to be appointed elsewhere.
WRS Licensee Pty Ltd is down to zero advisers, with two going to Centrepoint Alliance and the other yet to be appointed elsewhere.
Additional losses were seen at Advice Evolution, with both advisers yet to be appointed elsewhere, and Sean Yeo’s Capital Financial Planning, which ceased operations. One adviser moved to Trend Investor Services and the other joined Advocate Advisory Pty Ltd.
According to Wealth Data, 19 other licensee owners were down by one each, including AIA Company, Fiducian and Viridian Group.
The two remaining licensees that ceased also lost just one adviser.
This week, Wealth Data also reflected on the shake-up in the licensee landscape, which saw Entireti become the largest licensee owner with 1,170 advisers following the divestment of AMP’s advice business. It marks a significant jump from the 362 advisers at Entireti.
With Entireti now taking the top spot, this sees Count in second place (672), followed by Centrepoint Alliance (559), WT Financial Group (521), and Rhombus Advisory (496) in the top five.
AUTHOR
Rhea Nath
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