Financial Adviser Head Count Sees Marginal Gains

8

Despite the recent uptick, the overall trend for the calendar year remains concerning. WealthData's principal, Colin Williams, highlighted that many advisers previously counted among the fiscal year's large exits have returned under new licenses. This movement has somewhat cushioned the overall number, bringing active financial adviser registrations to 15,469 as of now.

Interestingly, since the beginning of the financial year on July 1, there have been 41 new advisers registered, including the 21 additions from the past week. These recent figures indicate a potential reversal in the downtrend, though the calendar year's net loss of 148 advisers can't be overlooked.

Weekly Adviser Activity Overview

• Net change of advisers: +39
• Total number of active advisers: 15,469
• Year-to-date net change for 2024: -148
• This financial year's net change: +121
• Net change for the last financial year (2023/24): -211
• 39 Licensee Owners achieved net gains amounting to 54 advisers
• 12 Licensee Owners faced net losses, losing 13 advisers
• Two licensees commenced operations, while one ceased
• 21 new advisers entered the scene
• Total advisery movements (appointments/resignations): 74 (down from last week's 246)

Licensee Owner Growth Highlights

Certain licensee owners experienced appreciable gains this week. Insignia Group stands out with a net increase of seven advisers; five being new entrants while the remaining two transitioned from Alliance Wealth and internal positions within Insignia.

AvalonFS showed a net increment of six advisers. However, it's noteworthy that all six had ceased operations toward the end of June but were reinstated in the beginning week of July.

Other notable movers include:

• New licensee onboarding advisers from Advice Evolution
• Pitcher Partners Brisbane: gained two new entrants
• Philborne Pty Ltd (Dirigere Advisory): added one adviser each from Zebra Financial Services and Fortnum
• Bell Financial: inducted two new advisers

Additionally, a broad spectrum of 33 other licensee owners saw a net growth of one adviser each, including firms like Fortnum, Centrepoint, and Capstone.

Licensee Owner Losses This Week

On the flip side, there have been notable declines within certain major licensee owners:

• AMP Group saw a dip by two advisers; one new adviser joined from Godfrey Pembroke, but this gain could not offset three other advisers ceasing their affiliation (backdated to June).
• A group of 11 licensee owners, including prominent names like Findex Group, Infocus, and Morgan Stanley, observed a net loss of one adviser each, including the one licensee that completely wound down.

The ever-evolving adviser landscape reflects the broader shifts and disruptions within the financial advisory sector in Australia. It will be crucial to monitor if trends reverse sustainably or if the industry continues to navigate these turbulent waters. (Source: WealthData)

Published:Saturday, 13th Jul 2024
Source: Paige Estritori

Share this news item:

Finance News

Clear

RBA Proposes Ban on Card Payment Surcharges 15 Jul 2025: Paige Estritori The Reserve Bank of Australia (RBA) has proposed eliminating surcharges on debit and credit card transactions, a move that impacts all major card providers such as Mastercard, Visa, and eftpos. As revealed in a newly released consultation paper, the RBA cites the $1.2 billion annual cost to consumers, highlighting inefficiencies and advocating for a unified approach to card payments. - read more

Future2 Foundation Seeks Nominations for Financial Wellbeing Grants 15 Jul 2025: Paige Estritori The Future2 Foundation has opened nominations for its annual Make the Difference Grants, providing financial support to initiatives that enhance financial wellbeing across Australia. Financial services professionals have until August 21 to nominate local projects aimed at improving financial literacy, assisting those in poverty, supporting disadvantaged women, and benefiting regional and remote communities. - read more

Increasing Number of Qualified Financial Advisers Opt Out of Practice 11 Jul 2025: Paige Estritori Recent analysis from WealthData indicates a growing trend among financial advisers in Australia, where a significant portion of those who have successfully passed the financial adviser exam are opting not to practice. As of now, 5,096 individuals, representing 33.31% of active advisers, have chosen not to proceed into practice after passing the exam—up from 28.36% a year prior. - read more

Melbourne's Housing Market: A Prime Opportunity For Buyers 11 Jul 2025: Paige Estritori The Reserve Bank of Australia (RBA) recently surprised many by maintaining the interest rate at 3.85%, against expectations of a cut. This decision is seen as a measure to continue moderating inflation, but it simultaneously delays potential spikes in the housing market, providing a favorable window for prospective homebuyers. In particular, Melbourne's current market presents significant value, offering a promising opportunity for those looking to enter the property market. - read more

Improving EOFY Planning: The Call for ATO Portal Access for Advisers 09 Jul 2025: Paige Estritori In a recent discussion, James O'Reilly, Director and Financial Planner at Northeast Wealth, underscored the benefits that could come from granting financial advisers access to the Australian Taxation Office (ATO) portal. Speaking on The ifa Show, O'Reilly proposed that this access would significantly simplify the services financial advisers provide to clients, particularly at tax time and the end of the financial year (EOFY). - read more

RBA Holds Rates Steady, Shocking Markets and Shifting Economic Expectations 09 Jul 2025: Paige Estritori The Reserve Bank of Australia (RBA) has decided to keep the official cash rate steady at 3.85%, taking many by surprise after expectations of a 25-basis-point cut had built up in financial circles. This unexpected move comes amid recent data indicating easing inflation and weaker than anticipated economic growth, conflicting with prior predictions of a cut. - read more