According to the latest analysis from Wealth Data, adviser numbers are down net seven for the week ending 12 June, marking back-to-back weekly net losses totalling 17 for the month so far and bringing the total advisers down to 15,585.
Although the profession remains solidly in the positive for the current financial year with net gains of 240, previous years show that the end of June often sees significant losses as advisers drop off the Financial Advisers Register (FAR) before the new financial year.
Looking at previous years, the last two weeks of June 2024 saw net losses of 248 and 2023 had net losses of 225 for the same period.
While Williams argued it’s “not impossible” that they could still end higher, the last few years would suggest any gains could be wiped out by the end of the month.
Even so, the new financial year might bring hope as the results from ASIC’s latest adviser exam, held on 6 June, should trigger a subsequent bump as successful candidates become registered advisers.
On top of this, early July is usually marked by a considerable jump in registrations, which could also provide a much needed boost to the profession.
“Irrespective as to what happens in the last two weeks of June, I expect the new financial year to start strong,” Williams said.
Looking at the overall changes for the week, 55 advisers were active in appointments and resignations and five new entrants hit the FAR. Meanwhile, four new licensees commenced and three ceased.
There was a slight decrease in licensee movements for the week with 16 owners up by one adviser each, including Lifespan, Oreana, and all four new licensees.
Morgans Group had a net gain of two advisers, including one of the new entrants and another that moved across from QInvest, which is owned by Australian Retirement Trust (ART).
On the other end of the scale, the trustee for GWK, Williams Hall Chadwick Licensing, was down by net four advisers, none of which have been appointed elsewhere at this time, leaving it now with zero.
Financial Services Group Australia also lost its remaining two advisers this week, marking the loss of all 12 of its advisers over the 2025 calendar year to date. Both advisers are yet to be reappointed elsewhere.
Pilat Investments reported a net loss of two advisers, losing both to a new licensee that commenced earlier in the year. Insignia is likewise down two advisers – both of which were from Bridges – one has been appointed at Lifespan while the other is yet to be reappointed.
A tail of 17 licensees were down by net one adviser each, including Findex Group, Sequoia and Viridian.
