Nearly 30 financial advisers have joined a new AFSL, with the majority coming from Charter Financial Planning.
The new licensee, according to Wealth Data, commenced with 28 advisers. The firm was formerly at Charter Financial Planning, which was previously owned by AMP Group and is now under Entireti’s ownership following the AMP advice divestment.
Some 26 of the advisers at the new licensee moved across from Charter, and one adviser each joined from PictureWealth and Count.
During the week ending 6 February, the Financial Advisers Register (FAR) increased by nine advisers, driving overall numbers to approximately 15,540. This marked four weeks of consecutive adviser growth.
The industry welcomed 11 new entrants over the week, while three new licensees commenced and two ceased operations.
Both the calendar YTD and financial YTD numbers are currently positive, with the former at +64 and the latter at +198.
In terms of adviser growth, 32 licensee owners experienced net gains of 65 advisers in total. Endeavor Asset Management appointed four advisers after it also gained 24 in the week prior.
Three licensee owners – Centrepoint Alliance, First Mutual Group, and Oakview Financial – rose by two advisers each, and a tail of 27 owners gained one adviser each. This included Morgans, Lifespan Financial Planning, and the remaining two new licensees.
On the other end, 24 licensee owners suffered net losses of 51 advisers. Entireti declined by 24 advisers as a result of the new licensee opening up from Charter.
Finwest lost three advisers, meaning it is now at zero advisers, while both Wealth Trail and Investors Direct Financial bid farewell to two advisers each.
Another 20 licensee owners decreased by one adviser each, such as Count, PictureWealth and Viridian Advisory.
Wealth Data recently revealed the final adviser exit tally for the 2024 calendar year, with a total net loss of 145 advisers. This signified a notable improvement from the 182 advisers lost during 2023 and the years prior.
Regarding new entrants, 511 came onto the FAR during the full-year period, compared to 407 in 2023. The highest proportion of new entrants were hired by Entireti, followed by Count and WT Financial.
Looking at organic adviser growth by licensee owners, Centrepoint Alliance gained a net 39, followed by Finchley & Kent at 37, and PictureWealth at 33.
