Which three advice licensees have grown in FY24 YTD?

Only three out of the 10 largest advice licensees have seen net growth in their financial adviser numbers since the beginning of the 2024 financial year.

Figures from Wealth Data have revealed that only Centrepoint Alliance, Sequoia Financial Group and Lifespan Financial Planning reported adviser growth from 1 July 2023 to 15 February 2024.

During the period, Sequoia saw the highest net growth of 34 advisers, with 350 in total. Last week, the firm reported an “abnormally high” net profit after tax (NPAT) of $27.8 million during 1H24, an increase of more than 4,000 per cent on the previous year.

Lifespan came in second with a net change of 27 advisers and 282 in total. Lifespan chief executive Eugene Ardino previously said the firm was looking to double the number of AFSLs it services with the growth in micro-AFSLs and self-licensing.

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Centrepoint was the third and final firm to see growth over the period, with a net change of 22 advisers resulting in a total of 532. Yesterday, the licensee announced a 63 per cent NPAT growth to $4.9 million in its half-year results, as it looks for acquisitions through firms in its licensee network.

Losses across the board

Aside from these three licensees, seven other firms in the top 10 have all felt losses in their adviser numbers since the financial year began.

Insignia Financial, which is currently the second-largest licensee with 780 advisers as at 15 February, saw the highest decline of 50 advisers.

This was followed by Australia’s largest advice licensee, AMP Group, which currently has 871 advisers and reported a loss of 30 advisers over the period.

Diverger was next in line with 24 losses and 372 advisers in total, while Count lost 20 advisers and has 358 all up.

With Count’s acquisition of Diverger set to reach formal completion on 1 March, Wealth Data highlighted that Count will soon overtake Insignia as the second-largest financial advice licensee in Australia.

It had been expected that the deal would create the third-largest licensee, but the exit of Godfrey Pembroke from Insignia means Count-Diverger will now be the second largest.

The loss of Godfrey Pembroke’s 52 advisers would see Insignia’s numbers fall to 727, just two below Count’s 729 advisers.

Following Diverger and Count, WT Financial lost 17 advisers since the financial year to date and has 554 in total.

Fortnum Private Wealth lost 11 advisers and has 381 all up, while the National Tax and Accountants’ Association (NTAA) lost just one adviser and has 245 in total.