Now, in the last full week of the financial year, adviser numbers have suffered a net loss of 56 for the week ending 26 June and pushing the total down to 15,488.
However, it is important to note that there are still a few days remaining of the 2024–25 financial year, meaning that further losses are still likely to occur over the coming days.
While there has been a net loss of 104 advisers for June already, the profession is still holding in the green for the financial year with a net gain of 143 and is just keeping their heads above the water with a net gain of 12 for the calendar year to date.
Meanwhile, this week saw four new entrants and 93 advisers active in appointments and resignations. As expected this close to 30 June, there were no new licensees again this week and three ceased.
Looking at movements for the week, growth was predictably limited, with Centrepoint Group up by two advisers, both of whom switched from Akumin, and a tail of 11 licensees up by one adviser each, including NAB Group, Infocus, and Solomons Wealth Management.
“Of interest – Australian Retirement Trust (ART Group) have continued to authorise advisers to work across both of their licensees, these being Sunsuper and QInvest. As a result, Sunsuper gained 10 advisers this week on top of the 25 last week. However, net change at ART Group is zero,” Wealth Data founder Colin Williams said.
On the other end of the spectrum, however, losses were considerable with Count Limited down by net 14, including seven from Merit Wealth, four from Count Financial, two from Paragem and one from GPS Wealth.
Notably, Williams pointed out that Merit Wealth has been hit particularly hard over the current financial year, having lost a net total of 53 during this period.
Meanwhile, Entireti saw a net loss of four, including the two lost to Centrepoint and one each from Charter and Fortnum, and Avana Financial Solutions was also down by four.
Lifespan was likewise down by four, having lost six but picking up one from Capstone and another that returned after a break, and Rhombus lost two each at Ri Advice and Consultum.
A further five licensees were all hit with net two losses each, including Capstone, Fiducian, Picture Wealth, Pilot Wealth, and Wealth Services Partners.
Twenty-seven licensees were down by net one adviser each, including Shaw and Partners, Macquarie Group and HNW Group Holdings.
Notably, many advisers are yet to be reappointed, though the expectation based on previous year’s activities is that a significant number will likely rejoin the Financial Advisers Register at the start of the new financial year.
Williams found that there have been 140 advisers who resigned in June and are yet to be reappointed elsewhere.
