Final FY25 adviser losses confirmed

With the final tally for FY25 now confirmed, how many advisers left during the financial year?

At the end of the financial year, it was estimated to stand at a net loss of 136 advisers, however, licensees still had 30 days to backdate their losses which delayed the final numbers. 

But as of 31 July, it is understood there is a net loss of 164 advisers, Wealth Data said, with a significant number occurring in June which reported four consecutive weeks of losses.

However, this is an improvement from FY24 which saw a net loss of 217 advisers. 

Looking specifically at movements during the week to 31 July, there was a weekly net change of nine advisers, which brings gains for the new financial year to 185 for a total of 15,364 registered advisers.

Some 74 advisers were active in appointments and resignations. One new licensee commenced and zero ceased, with 14 new licensees having opened this month. 

There were 16 new entrants, continuing the consistent trend of weekly double-digit new entrants during July. 

Meanwhile, 31 licensee owners had net gains of 42 advisers, with this week’s new licensee coming through as the biggest winner, commencing with four advisers who were previously registered at Akumin Financial Planning.

Evans Dixon scooped up some new entrants for a net gain of three, and Endeavor Asset Management was also up by three, all of whom are currently showing as also being authorised at Australia Pacific Funds Management.

Count is likewise up by net three, with one adviser joining from TCM Financial Services, one joining Paragem from Latitude Private Wealth, and one new entrant joining GPS Wealth.

Australian Retirement Trust (ART) had a net gain of two with both returning after a break from advice, while Smith Coffey Group picked up two new entrants, both of whom are now authorised at two Smith Coffey licensees – Smith Coffey and Smith Coffey Securities.

A tail of 25 licensees were all up by net one adviser each, including Viridian Group, Industry Super Holdings, and AIA Company.

On the other end of the spectrum, Entireti and Akumin Group had double digit losses this week, down by net 11, with four joining a newly commenced licensee and the remaining seven yet to be appointed elsewhere.

Telstra Super and HCM Trading Holdings both had net two losses, with all four advisers yet to be reappointed. 
A tail of 17 licensees were down by net one adviser each, including Canaccord Group, PictureWealth, and MWL Group which now lost seven advisers in July, with only six advisers remaining.