According to Wealth Data founder Colin Williams, movement among the largest licensee groups is set to place AMP as the largest licensee by adviser count.
Following a deal in November that saw Fortnum and Nestworth Financial Strategists partner to acquire Australian Unity’s financial advice business, Fortnum has become the seventh largest licensee by adviser count.
Under the deal, Fortnum purchased Australian Unity’s financial advice AFSL holder, Australian Unity Personal Financial Services (PFS), and will continue to provide licensing and business support to PFS’s 150 self-employed advisers.
With Fortnum now has 383 advisers, moving ahead of groups such as Castleguard Trust (276), Sequoia (349), and Count Group (370), with the latter on the verge of more than doubling in size in the new year when it is expected to take over Diverger (387).
“There is a lot of movement right now and in the next week or so, we may see Insignia drop from first position after the sale of Millennium3 to WT Financial Group,” said Wealth Data founder Colin Williams.
“On the assumption that happens by the end of the calendar year, AMP will once again be the largest group managing advisers, followed by Insignia and WT Financial Group.”
Adviser numbers see largest drop in three months
According to the latest Wealth Data figures, the first week of December saw the second largest exit of advisers from the industry this financial year at 24, behind just the week ending 21 September, during which 30 advisers left the profession.
The total number of advisers remaining now sits at 15,670, down 129 for the calendar year but still up 111 for the financial year.
There were just five new entrants to the industry, while one new licensee started up and six ceased.
Among those that saw growth during the week ending 7 December, Shaw and Partners was the clear standout, picking up 11 advisers from Morgan Stanley and two from Macquarie for a total of 13 added to the licensee.
Spark Partnership Group, Castleguard Trust, ASV Holdings, and o Alexander Euvrard (Havana Financial Services) all gained three advisers for the week, while UniSuper was among three licensee owners to add two advisers.
Capstone, Sequoia, and Roskow were among 20 licensee owners to increase by one adviser each.
The previously mentioned Morgan Stanley headlined the losses for the week, with the majority of their 14 losses going to Shaw and Partners.
Insignia also saw heavy losses, with 11 exiting the licensee – five coming from Millennium3, five from Consultum, and one from RI Advice. Fortnum also lost six advisers, while AMP Group, Count Group, and Alteris Financial group (CIP Licensing) lost three each.
Capping off a busy week for movements, eight licensees, including Bell Financial, Shartru, and Spark Partnership Group lost two advisers each, while 21 licensee owners lost one each.
