How are adviser numbers sitting for FY24–25?
With only one month to go until the end of the financial year, current adviser numbers are sitting at more than 250 for the financial year.
The latest data from Wealth Data research shows 257 advisers have joined the industry since the start of the 2024–25 financial year.
However, losses of 27 earlier this month mean the number has fallen from a peak of 272 at the start of May. Losses of 18 during the week to 15 May were the largest weekly loss since the start of 2025, it said, although the largest loss during the financial year was 78 at the very start of the year.
This compares to a net loss of 211 advisers from the profession during the 2023–24 financial year where strong growth earlier in the year was dampened by heavy losses of 236 advisers in the final two weeks of June. Even with the heavy losses late in the financial year, it was still a stronger result than the 2022–23, which saw a net loss of 633 advisers.
During the week to 29 May, Wealth Data said there was a net gain of just one adviser with 19 licensees reporting gains of 23 advisers, and 19 reporting losses of 22 advisers. Two new licensees commenced and none ceased.
There were four new entrants who joined during the week, bringing the monthly total to 31 as a result of candidates who passed the financial adviser exam in March joining the Financial Advisers Register (FAR).
One of the new licensees which commenced during the week was formed by three advisers who moved away from Akumin, which is owned by Entireti and Akumin Group.
Perpetual was up by two advisers, both of which moved over from Ord Minnett Group, while Partners Group was also up by two with one joining from Crestone Wealth Management and one returning to the FAR after a break.
A net tail of 16 licensees was up by one, including WT Financial, Capstone, and Spark Financial Group.
Rhombus Advisory was down by two, neither of whom have been appointed elsewhere, and a tail of 17 licensee owners were down by a net one, including Count and Morgans.
AUTHOR
Laura Dew
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