According to Wealth Data, adviser losses for 2023 were just a tenth of the same period in 2022, with 131 exiting as of 21 December, compared with 1,335 the previous year.
These numbers could shift further in the final week of the year and into the new year.
“We anticipate increased market volatility at the end of December, which is a common occurrence,” said Wealth Data founder Colin Williams.
“However, many of the adviser movements only make the ASIC Financial Adviser Register (FAR) from mid to late January as everyone returns to work.”
In terms of change at individual licensees, the Wealth Data figures show that Sequoia Group had the largest increase with a net growth of 33 advisers. This was followed by Shaw and Partners (22), Castleguard Trust (20), Troy Daniel Mahoney (16), and Financial Services Group Australia (16).
“The licensee owners with most gains are quite modest compared to the losses at a licensee owner level,” said Mr Williams.
“Much of this has been driven by advisers leaving larger licensees and commencing their own. A total of 122 new licensees have commenced YTD.”
Insignia had the greatest exodus, with a net loss of 135 advisers in 2023. WT Financial Group was next (58), though Wealth Data noted that 18 of these losses were attributable to its purchase of Millennium3 from Insignia.
AMP Group (50), The Financial Link Group (43), and Count (27) rounded out the bottom five.
There was a steady increase in new advisers joining the profession throughout the year, with 383 current on the FAR as of 21 December.
Movement this week
The week to 21 December saw 14 new entrants, however they could not quite hold off the exits, with the profession seeing a net loss of three advisers. This leaves 15,667 advisers still on the FAR with the year nearing its end.
There were three licensee owners that grew by two advisers this week – Knight Group (both of which were new entrants), Capstone, and a new licensee. Politis Investments, NTAA, FSSSP (Aware Super) and Findex were among the 23 licensee owners up one adviser each.
Perpetual led the way in adviser losses this week, with four exiting, while three left Diverger and four licensees, including Insignia and AIA Company, lost two advisers.
ASVW Holdings, Clime Group, Fitzpatricks, and Shaw and Partners were among the 17 licensee owners down by one adviser each.
