In the weekly movements from Padua Wealth Data, the profession saw a net loss of two advisers for the week ending 2 October, bringing the total down to 15,440 and marking only the second week of net losses since the start of FY2025–26, with adviser numbers up by net 268 for FY25–26.
Even so, the profession has struggled to make up for the severe losses in June, resulting in a net loss of 32 for the calendar year-to-date. A steady flow of new entrants have, however, helped bolster the profession somewhat, with 13 joining this week.
Meanwhile, two new licensees commenced this week, two ceased, and some 97 advisers were active in appointments and resignations.
Looking at licensee shifts, three licensee owners saw net gains of four advisers each, with Insignia Group picking up three at Shadforth from Consultum and one new entrant at Bridges.
Shadforth also acquired PMD Financial this week, which will bring across several financial advisers to the firm.
“We are looking to double in size by 2030, and if we rely only on organic growth, then we can get a long way towards that doubling, but we don’t quite think we will get there. So that’s where selective, tuck-in acquisitions will help us to achieve that goal,” Shadforth CEO Terry Dillon said.
Count Limited saw Paragem nab one adviser each from SGN Financial, PictureWealth, and Entireti, as well as one of this week’s new entrants, while a new licensee commenced this week with three advisers who moved across from MUFG Retire360.
Lorica Partners saw a net gain of three advisers, all of whom are still currently attached to Multiforte Group. The Sydney advice firm acquired Multiforte this week, creating an advice firm with $1.1 billion in assets under management.
“We mostly grow organically through client referrals from our external professional network, but we were conscious there are other great firms out there with a similar high-quality advice process to us, and it makes sense in a lot of cases and provides a solution to succession challenges,” Lorica partner Brendon Vade said.
A further four licensees had net gains of two advisers each, including MPFinplan which nabbed two from Entireti, and Macquarie Group which saw two return after a break.
Meanwhile, Lifespan picked up one of the new entrants and one adviser from Sequoia, and Bluewater Financial Advisers gained one adviser from Alpine Financial Advice along with a new entrant.
A tail of 23 licensee owners were up by net one adviser each, including Spark Partnership, Boston Reeds, and the other newly commenced licensee.
At the other end of the spectrum, Rhombus is down by net six this week after losing three at Shadforth, and Industry Super Holdings lost net three, all of which are yet to be appointed elsewhere.
A long tail of 30 licensee owners were down by net one adviser each, including Infocus, Capstone, and PSK Group.
