In a new milestone reflecting the shifting landscape of the advice sector, Morgans Financial has emerged as the largest individual licensee in Australia.
The stockbroking and wealth management firm, which was founded in 1982, primarily offers investment advice and has 56 locations across Australia.
With 430 advisers, it now holds the top spot, edging past AMP Financial Planning (AMPFP), which had been the leader since the Australian Securities and Investments Commission (ASIC) records began.
Last month, Wealth Data noted Morgans had managed to stay “steady on their skates” over the years to climb up the ranks. As of 7 November, it was tied with AMPFP in first position with 429 advisers each, ahead of Count, Alliance Wealth (owned by Centrepoint), and InterPrac Financial Planning (owned by Sequoia).
“Morgans are a bit of an interesting one because they have kind of gone under the radar, so to speak. They haven’t grown dramatically, but they haven’t lost [advisers] either, and that has been their benefit,” Wealth Data founder Colin Williams said.
“They’ve been able to hold their advisers together really well. They’ve got a slightly different model – they do provide holistic advice, but it is more focused on investment advice.”
Morgans replaces AMPFP, which was recently sold to Entireti as AMP divested its advice business, creating a larger Entireti business which includes AMPFP, Charter Financial Planning and Hillross. This created a firm with 1,300 financial advisers, making it the largest advice licensee in Australia.
Adviser numbers see slight growth
Looking at the latest ASIC data this week, Wealth Data noted there was a net increase of three advisers across the industry, bringing the total number of active advisers to 15,507 as of 12 December.
However, despite this growth, the calendar year-to-date figure still reflects a net loss of 118 advisers. On a financial year basis, there has been a gain of 164 advisers. The week saw 18 licensee owners with net gains of 22 advisers.
Four licensee owners were up by two, with Entireti noting a “busy week” as two advisers switched to Personal Financial Services from Havana Financial Services, owned by O & Z Pty Ltd. Additionally, 13 advisers switched (internally) from Personal Financial Services to Fortnum, hired one new entrant and lost one AMP Financial Planning adviser.
Bell Financial welcomed two new entrants, while AD Financial Services saw one new entrant and one adviser gained from Samuel Allgate Investments.
A new licensee also commenced with advisers from Advice Evolution.
In terms of more modest growth, 14 licensee owners experienced a net gain of one adviser each, including Templestone Financial Services, Ord Minnett Group, Lifespan, and the remaining two new licensees.
Meanwhile, there were three licensee owners who were down by two each. Two advisers departed Independent Financial Advisers Australia to commence their own licensee.
O & Z Pty Ltd (Havana Financial Services) were also down two, with both advisers joining Personal Financial Services attached to Entireti.
Rhombus saw one adviser leave Consultum to join Nextplan Financial, and one left RI Advice and is yet to be appointed elsewhere.
A tail of 13 licensee owners were down by one each, including Alteris Financial Group, Infocus, and WT Financial Group.
Wealth Data also explored how a significant rise in pass rates for financial adviser exams in 2024 could signal an encouraging shift in the industry; however, a notable gap remains between those qualified and those practising.
