WT Financial Group, which has acquired Australia’s largest independent dealer group Synchron, currently has 560 financial advisers registered on the Australian Securities Investment Commission (ASIC) Financial Adviser Register (FAR), according to Wealth Data.
The firm’s director, Colin Williams, said although WTL’s announcement mentioned the combined number stood at above 600 advisers, WTL had around 50 authorised representatives who were not authorised to provide personal/retail financial advice and therefore did not appear on the ASIC FAR.
But this had not affected the company’s overall position which, following the acquisition, made it the third-largest advice network in the country with 579 advisers, and right behind Insignia Group and AMP Group with 1,205 and 1,099 advisers, respectively.
The fourth place belonged to Centrepoint Group which collectively had 522 advisers on its books as per ASIC’s FAR across four groups: Alliance Wealth (249), Matrix Planning Solutions (134), Professional Investment Services (106) and ClearView Financial Advice (33).
Source: Wealth Data
The total number of advisers fell down by 41 this week to 17,208 and was driven by New Zealand-based servicing clients with a focus on direct shares, Craigs Investment Partners which was down by 28 advisers.
At the same time, five licensees closed with the loss of nine advisers and AMP Group down was down by three advisers and followed by five licensees which saw two departures each.
Another long tail with 23 licensee owners down by one advisers and this included PSK, Sequoia and Unisuper.