The calendar year 2024 has so far seen a net growth of 24 advisers, according to Wealth Data figures, with a growth of three advisers in the week to 18 January.
Last week, Wealth Data reported that over the three weeks from 21 December 2023 to 11 January 2024, there was a net loss of 24 advisers.
While there was a loss for the three-week period, the majority came on the 2023 side. The calendar year losses for 2023 stood at 173; however, 2024 was in the positive with a net gain of 15 as of 11 January.
Many of these numbers don’t quite line up with those as of 18 January, as the holiday break causes delays with licensees lodging changes on the Financial Advisers Register (FAR).
“Typically, the first couple of weeks of January can be slow for reporting. As we progress through January, we will get a more complete picture to the final results of 2023,” said Wealth Data founder Colin Williams last week.
The latest numbers show that the 2023 drop in advisers operating in Australia was 177, which is substantially less than the loss of 1,374 advisers experienced in 2022; 3,456 in 2021; 2,863 in 2020; and the staggering loss of 4,431 advisers in 2019.
The year “2023 can best be described as ‘stable’ and an opportunity for many to breathe again, after a very difficult few years post-2018”, said Mr Williams.
The current number of advisers on the FAR sits at 15,646, with the 2023–24 financial year growth now 89.
Movement this week
Three new licensees popped up in the week to 18 January, while five new adviser entrants joined the FAR.
Shaw and Partners had the strongest week with a net growth of four advisers, two each coming from Ord Minnett and Morgan Stanley.
Fortnum and Castleguard Trust (Lifespan) were both up three advisers for the week, while Morgans, Macquarie, and Centrepoint were among the 23 licensee owners up one adviser each.
NTAA (SMSF Advisers) lost a total of six advisers in the week to 18 January, with just one being appointed at another licensee so far, while Clime Group lost four advisers from Madison Financial Group.
Insignia also saw a net loss of four advisers, while Crown Wealth, Fitzpatricks, Morgan Stanley, and SDQ Investment all lost two advisers.
Perpetual, BDO Private Wealth, and WT Financial Group were among the 18 licensee owners that were down one adviser each.
