The ‘under the radar’ AFSL maintaining stable adviser numbers
In a time of constant adviser movements, Morgans has managed to stay “steady on their skates” over the years to sit jointly with AMP Financial Planning in having the highest number of advisers.
According to Wealth Data analysis, Morgans is the sixth-largest advice licensee owner in Australia with 429 advisers, as of 7 November 2024.
This is behind Rhombus Advisory with 499 advisers, WT Financial Group with 519, Centrepoint Alliance with 554, Count with 672, and AMP Group in the lead with 809.
The top 10 licensee owners in Australia are:
| Licensee owner | Adviser numbers |
| AMP Group | 809 |
| Count | 672 |
| Centrepoint Alliance | 554 |
| WT Financial Group | 519 |
| Rhombus Advisory | 499 |
| Morgans Group | 429 |
| Fortnum Private Wealth | 362 |
| Sequoia Group | 339 |
| Lifespan Financial Planning | 285 |
| NAB | 263 |
Source: Wealth Data, 7 Nov 2024
While other advice firms have suffered large fluctuations or declines in their adviser numbers, Wealth Data founder and director Colin Williams highlighted Morgans as an example of stability.
The stockbroking and wealth management firm, which was founded in 1982, primarily offers investment advice and has 56 locations across Australia.
“Morgans are a bit of an interesting one because they have kind of gone under the radar, so to speak. They haven’t grown dramatically, but they haven’t lost [advisers] either, and that has been their benefit,” Williams said in conversation with Money Management.
“They’ve been able to hold their advisers together really well. They’ve got a slightly different model – they do provide holistic advice, but it is more focused on investment advice.
“They watch the others fall in front of them and have kept themselves steady on the skates going round and round and round – that’s a credit to them. They’ve just kept on doing their job and haven’t changed their model in many years. It’s pretty much as it was and it seems to be paying off for them,” he explained.
Morgans operates one Australian Financial Services licensee (AFSL), meaning all 429 of its advisers are on the Financial Advisers Register under Morgans Financial Limited.
In comparison, AMP operates three major licensees – AMP Financial Planning (AMPFP), Charter Financial Planning and Hillross.
When looking at the top AFSLs, Morgans and AMPFP are tied in first position with 429 advisers each.
This is followed by Count at 345 advisers, Alliance Wealth (owned by Centrepoint) at 335, and InterPrac Financial Planning (owned by Sequoia) at 323.
According to Wealth Data, the top 10 AFSLs currently are:
| Licensee | Adviser numbers |
| AMP Financial Planning | 429 |
| Morgans Financial | 429 |
| Count | 345 |
| Alliance Wealth | 335 |
| InterPrac Financial Planning | 323 |
| Charter Financial Planning | 293 |
| Lifespan Financial Planning | 285 |
| Consultum Financial Advisers | 280 |
| Synchron Advice | 254 |
| Ord Minnett | 252 |
Source: Wealth Data
AUTHOR
Jasmine Siljic
Recommended for you
AMP has announced three senior appointments in its North leadership team to drive forward its strategy and transformation plans.
Two Sydney-based financial advice firms are set to join forces to create a “stronger, more resilient” advice offering with a combined AUM of $1.3 billion.
Two licensees have shared how providing a structured career pathway that extends beyond the Professional Year is critical to ensure candidates won’t pursue other opportunities after their training.
Praemium is pivoting the business to offer a “white gloves” service as it launches a three-year strategy to be the leading platform for high-net-worth advice.
