Sequoia Financial Group has welcomed an additional five financial advisers to its ranks this week, reporting positive adviser growth in three out of four weeks this month.
Wealth Data’s weekly figures ending 26 October saw InterPrac’s (owned by Sequoia) five advisers being recruited from a self-licensed Australian financial services licence (AFSL), Poynter Hargraves Financial.
While Sequoia lost one adviser last week, the group grew by one adviser the week prior and welcomed an additional six advisers the week before that. October’s growth has brought the licensee owner’s total adviser numbers to +32 this calendar year to date (YTD).
Sequoia CEO Garry Crole previously highlighted the 5 per cent increase in its adviser network for FY23, despite a 55.6 per cent drop in EBITDA to $5.5 million from $12.4 million in FY22.
“Licensee services are a standout so far for July and August [FY24], we are very pleased,” he said.
Examining the rest of the weekly adviser numbers, this week saw a net drop of just one adviser, cancelling out the +1 increase from last week.
The advice industry remains at 15,701, with a net change of -97 this calendar YTD and +143 for the new financial YTD.
Four new entrants joined the profession this week. This tailed on from the four consecutive weeks of double-digit rises in the number of new entrants reported on 13 October.
Moreover, four new licensees commenced whilst one ceased. The week was active with 71 advisers being appointed or resigning.
Some 26 licensee owners had net gains of 38 advisers. Following Sequoia, Highview Wealth Solutions saw the next highest weekly gains of four advisers.
Castleguard Trust (owned by Lifespan) increased by three advisers, with two switching from Fortnum.
There was a rise of two advisers at Diverger, with both switching from Fitzpatricks and joining Paragem (owned by Diverger).
Some 20 licensee owners grew by one adviser each, such as Centrepoint Group, Australian Retirement Trust (ART) and AIA Company.
In terms of losses, 24 licensee owners had net declines of 38 advisers.
This was led by Poynter Hargraves Financial’s loss of six advisers, with five moving to Sequoia as previously mentioned. The firm is effectively closed, according to Wealth Data founder Colin Williams, now having zero advisers.
Capstone Financial Planning was down by five this week. Williams noted that three of the four new licensees that commenced had advisers join from Capstone.
Four advisers left Insignia Financial Group, while TelstraSuper declined by three advisers.
Some 20 licensee owners lost one adviser each, which included Fiducian, Steinhardt Holdings (owned by Infocus) and UniSuper.
