In what is shaping up to be a month of straight-up losses, the latest analysis from Wealth Data has reported a net loss of 41 advisers for the week ending 19 June, marking the biggest drop for the calendar year so far and bringing the total number of advisers down to 15,544.
While June is notorious for significant losses as advisers drop off the Financial Advisers Register (FAR) before the end of the financial year, the losses seem to be ramping early this year, with the same period last year having just eight losses, compared with this year’s 41.
This hit also knocked the net gains for 2025 down to just 68, while the financial year-to-date is now sitting at a net positive of 199.
However, Wealth Data founder Colin Williams noted that adviser numbers have slipped into the negative for the last 12 months – which would capture the last two weeks of FY2023–24 – with a net loss of 52.
Speaking with ifa, Williams explained that while the losses this week are significant, they are also to be expected this close to the end of the financial year, pointing to the 15–30 June period last year that saw net losses of 248.
“I think the next few weeks will be telling. I suspect there will be a ‘disproportional’ number of losses in licensees that don’t offer holistic advice, such as our Accounting – Limited Advice model,” Williams said.
“Most of the advisers in this model are basically accountants offering advice for setting up SMSFs. This model has been bleeding since FASEA and with all the expenses continuously building for advisers on the FAR, I just don’t think too many of these advisers will see value in remaining on the ASIC FAR.”
He added: “Buckle up for the next few weeks!”
Meanwhile, there were 102 advisers active in appointments and resignations this week, six new entrants and three ceased licensees with no new ones commencing.
Looking at licensee movements, 13 licensees had a net gain of one adviser each, including Morgans Group, Picture Wealth and Politis. Notably, no licensees had growth of more than one adviser.
“Of interest, Australian Retirement Trust (ART Group) shuffled advisers between its licensees of QInvest and Sunsuper. For the week, Sunsuper had a net gain of 25 advisers but all the advisers are currently authorised at QInvest. Therefore, no net gain for the ART Group,” Williams said.
There was considerable action for licensees on the losses front, namely, Count Limited was down by nine advisers, all exiting from Merit Wealth.
GPS Wealth and Count Financial Limited both gained an adviser this week, with the latter picking up one of this week’s new entrants, though this was offset by two losses at GPS Wealth.
Vested Equities lost its four remaining advisers leaving it with zero.
Bell Financial, Industry Super Holdings and Newadvice all lost three advisers each, and Centrepoint, Investment Alternatives, WT Financial Group and Strategic Solutions Australia were all down by net two each, with the latter now left with zero advisers.
A tail of 27 licensees were down by net one adviser each, including Rhombus, Shaw and Partners and Evans Dixon.
This industry is in dire straits, the moral is very low.
People will keep leaving until something is done to make the job more attractive. It’s a terrible occupation and I feel for the people who have joined in the past 12 months.