According to Wealth Data figures, over the three weeks from 21 December 2023 to 11 January 2024, there was a net loss of 24 advisers, bringing the total within the profession to 15,643; however, there could be more movement to come as reporting picks up.
“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.
While there was a loss for the three-week period, the majority came on the 2023 side. The calendar year losses for 2023 currently stand at 173, though this number could change as reporting continues; however, 2024 is in the positive with a net gain of 15 as of 11 January. The financial year is still in the positive with a net change of 86.
Three new licensees kicked off over the period, while two ceased operations; however, there were just four new adviser entrants over the three weeks.
Centrepoint led the way in terms of adviser growth over the last three weeks, with four of its six additions coming from Crown Wealth.
Janus, Beryllium Advisers, Forbes AFSL, and a new licensee were all up two advisers each.
There were also four licensees that were up by two advisers, while Viridian, Insignia, and Canaccord were among the 19 licensees to be up one adviser each.
Diverger saw the greatest loss over the period as five left the licensee owner and have yet to be appointed elsewhere. Ord Minnett lost four advisers, also with none being appointed at other licensees, while Count and Findex both lost three.
Eight licensees, including Capstone, Morgan Stanley, and WT Financial Group, were down two advisers, while Fitzpatricks, Fortnum, and Shaw and Partners were all down one adviser each for the period.
2025/26 there will be only 10,000 advisers remaining at best.
You simply cannot continue to be beaten around the head by a baseball bat for a decade and have any expectation that you are able to continue to keep getting up off the ground and continue to fight.
I see a similarity here between Adviser numbers and today’s news story about how several navy ships have been mothballed due to insufficient sailors. It seems everyone is supposed to work for free these days (after completing all the red tape in order to feed your family).