The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit rise in adviser numbers.
Wealth Data’s analysis of the Financial Adviser Register shows a net increase of 16 advisers in the week ending 14 November, following a net rise of 11 advisers in the week prior.
Adviser numbers have fluctuated above and below the 15,500 number for several weeks now, with this week’s growth bringing numbers back above to 15,512.
Colin Williams, founder and director of Wealth Data, attributed the growth to several advisers formally reporting their move to new licensees.
The net calendar year-to-date change remains down at -113, while the financial year-to-date looks more positive at +169.
More than 60 advisers were active with appointments or resignations this week, while eight new entrants were welcomed into the industry. Four new licensees commenced operations and zero ceased.
Breaking down the weekly growth, 25 licensee owners had net gains of 30 advisers. This was led by a new licensee opening with three advisers who moved from CHPW Financial.
Another new licensee also commenced with two advisers, with both moving across from InterPrac, which is owned by Sequoia Financial Group.
Lifespan Financial Planning welcomed two advisers to its ranks as one joined from Securinvest and the second from InterPrac.
Arthur J Gallagher (Gallagher Benefit Services) also gained two advisers who made the jump from VIAFGA Pty Ltd.
A tail of 21 licensee owners increased by one adviser each. This included AMP Group which appointed three advisers and lost two, Centrepoint which hired two and lost one, and Infocus which hired a new entrant.
Looking at the adviser losses, 13 licensee owners had net declines of 16 advisers in total. CHPW Financial were down by three advisers after they moved to the new licensee, while PictureWealth lost two advisers.
Meanwhile, 11 licensee owners bid farewell to one adviser each, such as WT Financial Group, AIA Company and Connectus.
Last week, Wealth Data provided an updated ranking in Australia’s five largest financial advice licensee owners. As of 7 November, Rhombus Advisory was in fifth position with 499 advisers, WT Financial Group with 519, Centrepoint Alliance with 554, Count with 672, and AMP Group in the lead with 809.
