Adviser growth stalls after 7-week climb

After seven weeks of steady growth, Wealth Data analysis shows financial adviser numbers have slowed with a net gain of one for the week ending 28 August.

Growth since the start of the financial year ranged from lows of nine to a high of 24 but this week’s singular net gain indicates new financial year movements are tapering out.

While the end of the financial year saw significant losses, dropping 359 in June alone, the profession saw a steady recovery in the intervening weeks with some 15,411 individuals on the Financial Advisers Register (FAR) this week, up from 15,298 for the week ending 3 July.

Bolstered by a steady flow of new entrants, including 11 this week, adviser numbers are up by net 234 for the financial year-to-date. However, they are still in the red for the calendar year-to-date, down by net 63.

Looking at the weekly movements, some 54 advisers were active in appointments and resignations for the week ending 28 August, and two new licensees commenced while three ceased.

In licensee shifts, a tail of 21 licensees were up by net one adviser each, including WT Financial Group, Count Limited and Cobalt Advisers.

Meanwhile, Rhombus saw a net gain of two advisers, picking up one each from Findex Advice Services and Charter Financial Planning, while one of the newly commenced licensees started with two advisers, both switching from Shaw and Partners.

At the other end of the spectrum, four licensees had a net loss of two advisers each, including Sshhut Holding which lost one to Fintegrity Wealth Advisers and another who is yet to be appointed elsewhere, and Venmere Finance losing its final two advisers to Bentley Advisory.

Wealth Spectrum likewise lost net two advisers, with one switching to Lenn Licensing and another who is yet to be appointed elsewhere, while Shaw and Partners lost two to a new licensee.

A tail of 18 licensees were down by net one adviser each, including Fiducian, Picture Wealth, and Sequoia Group.

Q2 changes

Taking a longer view, Adviser Ratings’ Q2 2025 Musical Chairs Report revealed a loss of 587 advisers over the June quarter, the highest count on record since the report commenced at the start of 2023, with the next closest number over this time seen in Q2 of 2023 with 458 advisers ceasing.

The Q2 2025 losses were slightly offset, however, by 103 new entrants over this period, though the profession was still down by net 324.

Looking at how the advice business landscape shifted, the industry saw a reduction of 148 practices, bringing the total down to 5,944, reflecting the business consolidation seen in recent times.

Meanwhile, the June quarter saw 48 licensees cease and 21 new licensees commence for a net gain of two.

Notably, the licensee with the biggest adviser gain for the period was ART Financial Advice with a net gain of 43 as part of an internal restructuring that saw it transition all 43 advisers from its QInvest Limited brand, which is being phased out.

This was followed by LGT Crestone Wealth Management and Koda Capital with net gains of 17 and nine, respectively.

On the other hand, SMSF Advisers Network saw the greatest loss, which was down by net 63 over the Q2 period, while the aforementioned QInvest Limited was down by 43 and Merit Wealth lost net 36.