Research firm reveals licensee with most FYTD adviser losses

Wealth Data analysis has revealed that Count Financial has lost the greatest number of advisers this financial year-to-date (FYTD).

According to the research house, the licensee has decreased by 59 advisers since the financial year began. Count also lost eight advisers in the week ending 4 April and the firm now sits at 715 advisers.

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However, Wealth Data founder Colin Williams said: “It’s important to state that Count is carrying the losses for firms purchased, including Affinia and all licensees associated with Diverger.”

NextGen Financial Group – which has been liquidated and had its licence cancelled – saw the second-highest number of losses at 44 advisers, followed by AMP Group with a decline of 40, and Insignia Group at 39.

Crown Wealth Group – which entered voluntary administration last month – lost all 37 of its advisers, while Fitzpatricks Group declined by 26 over the FYTD.

Morgan Stanley decreased by 22 advisers, followed by both FSSSP Financial Services and WT Financial Group, which both lost 21 advisers. Fortnum Private Wealth came in 10th with a fall of 17.

NextGen and Crown Wealth, the two mid-tier firms which are no longer in operation, represented a net loss of 81 advisers between the two of them, Williams noted.

Licensee growth

Wealth Data also unveiled the top 10 firms in terms of adviser growth this FYTD, with Centrepoint Group’s rise of 37 advisers leading the pack.

This was followed by Shaw and Partners, which is up by 31, Lifespan Financial Planning with an increase of 28, and Sequoia Group with a rise of 23.

Focused Financial Advice has grown by 17 advisers over the period, while Beryllium Advisers welcomed 14 advisers.

Three licensees all grew by 12 advisers each – Troy Daniel Mahoney, LFG Financial Services, and Financial Services Group Australia – and Canaccord Group was up by 11 advisers.

“The top four growth licensee owners are firms that currently have 200 or more advisers. These are then followed by five small licensee owners, who despite the jump in growth, still have less than 40 advisers,” Williams added.

Overall, this FYTD has seen a net growth of 40 advisers. In comparison, the previous period saw a net loss of 318 advisers.

“Most of this was driven by the final cut-off for passing the financial adviser exam for experienced advisers in September 2022,” the founder commented.