Final financial year adviser losses lower than FY23–24

At the end of the financial year, it was estimated to stand at a net loss of 136 advisers, however, licensees still had 30 days to backdate any changes, which delayed the final numbers.

The number as of 31 July shows a net loss of 164 advisers, according to Wealth Data analysis, with a significant number occurring in June on the back of four consecutive weeks of losses.

However, this is an improvement from FY23–24, which saw a net loss of 217 advisers.

Looking specifically at movements during the week to 31 July, there was a net change of nine advisers, which brings gains for the new financial year to 185 for a total of 15,364 registered advisers.

Some 74 advisers were active in appointments and resignations, while one new licensee commenced and zero ceased, taking the number of new licensees that have opened in July to 14.

There were 16 new entrants, continuing the consistent trend of weekly double-digit new entrants during July.

Meanwhile, 31 licensee owners had net gains of 42 advisers, with this week’s new licensee coming through as the biggest winner, commencing with four advisers who were previously registered at Akumin Financial Planning.

Evans Dixon scooped up some new entrants for a net gain of three, and Endeavor Asset Management was also up by three, all of whom are currently showing as also being authorised at Australia Pacific Funds Management.

Count is likewise up by net three, with one adviser joining from TCM Financial Services, one joining Paragem from Latitude Private Wealth, and one new entrant joining GPS Wealth.

Australian Retirement Trust had a net gain of two with both returning after a break from advice, while Smith Coffey Group picked up two new entrants, both of whom are now authorised at two Smith Coffey licensees – Smith Coffey and Smith Coffey Securities.

A tail of 25 licensees were all up by net one adviser each, including Viridian Group, Industry Super Holdings, and AIA Company.

On the other end of the spectrum, Entireti and Akumin Group had double-digit losses this week, down by net 11, with four joining a newly commenced licensee and the remaining seven yet to be appointed elsewhere.

TelstraSuper and HCM Trading Holdings both had net two losses, with all four advisers yet to be reappointed.

Canaccord Group and PictureWealth were among the 17 licensees down by net one adviser each.

MWL Group was also down one adviser for the week; however, the embattled licensee has seen seven advisers exit in July, while just six remain.