Adviser switching spikes as end of year approaches

Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.

According to Padua Wealth Data’s latest weekly analysis, there was a net gain of five advisers in the week ending 11 December, continuing the relative back and forth seen the past few months and bringing the total advisers up to 15,432.

Though bolstered by 14 new entrants this week, this failed to outweigh the negative results last week which saw a new loss of 32 advisers.

The slight increase this week brings the calendar year-to-date to a net loss of 41, with the financial year-to-date now sits at 260. Notably, four new licensees commenced this week, including two recommencing, and two which ceased operating.

While many are wrapping up business for the year, 108 advisers were active in appointments and resignations this week, jumping considerably from a usual weekly average of 65.

Looking closer at this, Bentleys Financial Services saw a net gain of three, all of which are currently also authorised as First Financial, which is owned by Janus Financial.

Eight licensees were up by two advisers each, including Solomons Wealth, Pitcher Partners and Gary Hasler which each picked up two of this week's new entrants. Stonehouse Partners nabbed two advisers from Hillross, owned by Entireti, while Bannister Consulting picked up two from Banyan Securities.

Australian Financial Planning Group also had a net gain of two, with both advisers switching from Century Advisory Services, and one of this week’s new licensees started with two advisers which both joined from Interprac and a licensee that recommenced after being closed for three years has started back up with the same advisers.

A long tail of 36 licensees saw a net gain of one adviser each, including Morgans Group, Evans Dixon and the remaining two new licensees.

At the other end of the spectrum, SMSF Advisers Network was down by seven advisers with all yet to be appointed elsewhere.

A further three licensees were down by three advisers each with Century Advisory Services now down to zero advisers after losing two to Australian Financial Planning Group and another that is yet to be reappointed elsewhere.

Count Limited lost five advisers this week with three leaving Count Financial and one each from Paragem and GPS Wealth. These losses were slightly offset by the appointment of one adviser each at Count Financial and GPS Wealth for a net loss of three for the licensee.

Entireti and Akumin Group was also down by three including the two lost to Stonehouse Partners and one at Akumin who is yet to be reappointed elsewhere.

Banyan Securities was down by net two, losing both to Bannister Consulting, and Sequoia Group lost two who left to start their own licensee. Bentleys Advisory and WT Financial Group both saw a net loss of two as well with one switching to Beryllium Advisers and the remaining advisers yet to be reappointed elsewhere.

A tail of 22 licensees were down by net one adviser each, including Centrepoint Group, Lifespan and FMD Financial.