While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is one away from reaching 500 advisers in its ranks.
In the week ending 31 October, the advice industry saw a net loss of 27 advisers, Wealth Data has found. This caused total adviser numbers to fall under the 15,500 mark to 15,485.
Seven new entrants joined, two new licensees commenced, two licensees ceased, and 88 advisers were active with appointments or resignations.
In terms of adviser growth over the week, 21 Australian Financial Services Licensees (AFSLs) had net gains of 30 advisers in total.
Rhombus Advisory enjoyed a net rise of four advisers, with three joining from different licensees alongside one new entrant, which is the largest growth of a licensee this week. This means the AFSL now has 499 advisers, according to Wealth Data.
Rhombus formally separated from Insignia Financial on 1 July 2024, which includes the RI Advice and Consultum licensees, while Insignia has retained Shadforth and Bridges. Rhombus is currently the fifth largest AFSL in Australia behind WT Financial Group, Centrepoint Alliance, Count and AMP Group.
Insignia was previously the second largest licensee after AMP with more than 1,400 advisers in April 2023. As a result of the Rhombus divestment and adviser declines overall, Insignia now has 200 advisers, it stated in its Q1 2025 results.
Money Management recently spoke with Rhombus CEO Darren Whereat in September, who detailed how the firm is supporting the growth aspirations of its advice network, following its institutional exit.
“We got the opportunity to separate ourselves from a product manufacturer, if you like, to really make sure advice stands alone as our business – that is the only business that we’re in,” he said at the time.
Beyond Rhombus, six licensees gained two advisers each over the past week. This included Count after it welcomed one adviser back from a break and one new entrant, Lifespan Financial Planning, and a new licensee.
A tail of 14 licensee owners were up by one adviser each, such as Sequoia Financial Group, Fortnum and Centrepoint.
On the other end of the spectrum, 32 AFSLs reported net losses of 56 advisers all up. This is led by LRM Wealth Management, which declined by 12 advisers.
“However, it would appear that this firm is transitioning to Gallagher Group and we expect most/all advisers to reappear on the ASIC Financial Adviser Register (FAR) soon,” Wealth Data stated.
O+Z Pty Ltd (Havana Financial Services) lost eight advisers as they are in the process of commencing their own AFSL. It is expected that these advisers will reappear on the FAR next week.
WT Financial bid farewell to four advisers, Infocus were down by three, and Fifteenseven (Warnocks) lost two – meaning it is now at zero advisers.
A long tail of 27 AFSLs dropped by one adviser each, including ASVW Holdings, Canaccord Group, and Shaw and Partners.
