Advice firm cops weekly double-digit loss
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Wealth Data has reported a loss of 10 advisers at Australian National Investment Group, a diversified financial services dealer group, in the week ending 18 April.
According to the research house, all 10 advisers joined a new licensee – B. Moses Asset Management – several weeks ago.
On the other end of the spectrum, Centrepoint came out on top for weekly adviser growth with gains of four advisers.
This continues their “growth story”, as described by Wealth Data founder Colin Williams. The licensee was recently ranked as the firm with the highest adviser growth (+37) this financial year-to-date as it eyes acquisitions through firms in its licensee network.
Across the wider advice profession, the weekly net loss of eight advisers brought the industry to 15,587.
Two new entrants joined the sector, while 77 advisers were active with appointments and resignations. Meanwhile, one licensee recommenced and three ceased operations.
“The three licensees that closed all lost one adviser each to go to zero advisers. Only one of the advisers has been reappointed and it is to another small AFSL,” Williams noted.
Looking at the weekly growth, 20 licensee owners had net gains of 24 advisers. Amalgamated Financial Services, the licensee of Virtue Family Trust, saw the second highest gains with two advisers, following Centrepoint’s growth.
Some 18 licensee owners increased by net one adviser each, such as Morgans Group, Capstone Financial Planning and Bombora Advice.
In terms of weekly declines, 29 licensees had net losses of 41 advisers. Following the Australian National Investment Group, three licensees lost two advisers each.
Count Financial bid farewell to one adviser each at Count and GPS Wealth, but both are not showing as being appointed elsewhere.
Insignia Financial welcomed one adviser who started back up from a break yet lost three advisers at RI Advice, with none showing as being appointed elsewhere.
A long tail of 25 licensee owners were down by net one adviser each, including WT Financial Group, AMP Group and Viridian Advisory.
WT Financial gained two at Synchron but lost three at Millennium3, while AMP gained one adviser at Charter from InterPrac but lost two advisers from AMP Financial Planning. Viridian lost one adviser who joined Centrepoint-owned Alliance Wealth.
AUTHOR
Jasmine Siljic
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
