New entrants continue to pour into advice

In the week to 25 January, Wealth Data revealed that 16 out of the 18 new advisers were new entrants, compared to just five in the week prior.

Overall, there has been a net growth of 45 advisers since the beginning of the 2024 calendar year, alongside a net rise of 106 for the financial year to date. The adviser industry now sits at 15,664 advisers.

This week was busy with 96 advisers impacted with appointments or resignations, while four new licensees commenced operating and three ceased.

Looking closer at the weekly changes, 36 licensee owners had net gains of 45 advisers. This was led by ASVW Holdings, which gained four advisers, expanding to 48, with three coming from Consultum Financial Advisers.

Canaccord Group followed next with an increase of three advisers – two being new entrants.

Four licensees welcomed two advisers, including Morgans Group and Fortnum, while 30 licensees were up by one adviser each, including AMP Group and Lifespan.

In terms of weekly declines, 25 licensee owners had net losses of 34 advisers.

Crown Wealth Group was down by six advisers and BLA Parker lost all three of its advisers, bringing it down to zero.

“All three advisers are also authorised at Parker Wealth and remain current under that AFSL,” noted Colin Williams, Wealth Data founder.

EQT Holdings also lost three advisers, and then a tail of 22 licensees were down by one adviser each, including Centrepoint Group, Insignia Financial, and Ord Minnett.

Last week, Wealth Data announced there had been a net loss of 177 advisers for the 2023 calendar year, which was significantly smaller than in previous years. This brought the final tally for the year to 15,622.