The drops in adviser numbers this week were driven by AMP Group which saw one of its practices moving to Fitzpatricks, with the overall number of advisers having dropped to 17,193, according to Wealth Data.
Also, the balance of the losses at AMP Group had not been appointed elsewhere at this stage.
Additionally, Citi Investments (Citigroup) was down by eight advisers and was now down to zero advisers, effectively taking it out of providing retail financial advice.
The net change this week stood at (-15), with 27 licensee owners having gained 40 advisers and 29 having seen a departure of 57 advisers. At the same time, four new licensees commenced their operations while another four were closed down.
As far as year-to-date losses were concerned, Insignia led the way down albeit after improvement this week and was down by 48 advisers. Craigs was down by (-36) advisers, while AMP Group and WT Financial Group so far saw a departure of 28 and 24 advisers, respectively.
On the other hand, Count pushed further ahead and was now up 30 for the year. The other groups that also manged to increase their adviser numbers included Castleguard (Lifespan), PSK Financial Services, Diverger, Centrepoint, Morgans and Steinhardt (Infocus).
Comments
still, ways to go to get to 5,000. will happen by 2026.
Late 2025, but as an industry, we can do it quicker than that if we all work together.
being a CFP will help too. Eventually the only jobs will be at AwareSuper and Hesta.
Does anyone REALLY care about the number of advisers? I suppose it’s a site where advisers who don’t want to do the required education can vent their spleen. Less advisers = more business for the remaining (professional) advisers. Basic business model.
Is anyone as confused as me with all this ?? 7x2 = 54 - the price of fish = 67 take away 5 leaves net 16
Dear me ? What I do believe is by September 1st there will be a lot more advisers gone They are just hanging in at the moment to tidy up before moving on
Regardless of what changes the Government may bring in ( whoever that may be ) there will be a mass exodus on January 1st 2026. The damage has been done thanks to Frydenberg Hayne and the other “gooses” that have held the financial services portfolio over the past 6 years with no thought about what they were doing and creating just interested in their own careers and march up the corporate ladder
Ridiculous and outrageous on all levels
Ken I agree with you about the numbers. What relevance is it and they are so confusing. The guy that provides the numbers is just floggging his own business offering - selling useless information that no one cares about. Check his website and see what you would waste your money on.
Seems to me just like dealers rearranging deck chairs on the Titanic. Nothing for them at all to celebrate here. Janice CFP comment here is spot on: 5,000 investment advisers left in 2026, all risk advisers gone by then completely. Sadly, after much reflection over the years, I can say it is indeed far too late for our industry to turn this around. I base this on the demonstrated behavior of all industry players - leopards don't change their spots - well, they certainly haven't in the past 40 years at least!
"Understand this: Things are now in motion that cannot be undone." -- Gandalf the White
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