Adviser numbers stage a comeback with double-digit gain

According to Wealth Data’s latest analysis, adviser numbers received a double-digit boost with a net gain of 12 for the week ending 22 May, bringing the calendar year and financial year growth up to 123 and 256, respectively.

This comes after back-to-back weekly losses that broke a five-week positive streak, which had been bolstered by those who successfully passed the March financial adviser exam.

The next exam session is set for 6 June, which could also help boost numbers; however, there is usually a hike in exits shortly before the end of the financial year.

The bounce back this week was helped in part by seven new entrants to the profession, while 64 advisers were active in appointments and resignations. Furthermore, two new licensees commenced this week and just one ceased.

Looking at the weekly licensee growth, 23 licensee owners had a net gain of one adviser each, including Picture Wealth, Findex and Beryllium Advisers.

Troy Mahoney gained two advisers from Morgans and a newly launched licensee commenced with two advisers, both of which were from Exelsuper Advice.

Meanwhile, FSSSP Financial Services backtracked its losses last week with a net gain of two, with one adviser coming from Finex Wealth and Guideway Financial Services, respectively.

On the other end of the scale, 13 licensees were down by net one each, including Lifespan, Morgan Stanley and Sequoia.

Centrepoint was down two advisers, neither of which have been appointed elsewhere at this time, while Count Limited also suffered a net loss of two, losing one each from subsidiaries Count and Merit Wealth.

However, the biggest loser for the week was Entireti and Akumin Group, which was down by net six, with five advisers having moved during March and April to PSK Advisory Services.