Large licensees ‘shining’ despite adviser numbers slipping

The latest Wealth Data analysis revealed that some large licensees have managed to grow their adviser count, despite numbers falling more broadly.

“The last six months is an interesting period to track, as it covers off the volatile period over Christmas and the new year,” Wealth Data founder Colin Williams said.

The data showed that over the last six months there has been an overall loss of 48 advisers as the profession continues to struggle to maintain numbers.

Looking at licensee owners, many have managed to grow their number of advisers despite the challenging environment.

“Shaw and Partners are out in front at 27, followed by Centrepoint at 20, and Castleguard Trust (Lifespan) at 18. What is really interesting, is that seven of the top eight are licensee owners that currently have 100 or more advisers,” Williams said.

“We are well aware that growing adviser firms has been a tough task. However, some are shining through despite the difficulties. To note, over two years, net growth across all advisers has been negative at -905.”

Weekly movements

This week saw a net loss of seven advisers with four new entrants to the profession, according to Wealth Data. There have been 68 advisers active with appointments and resignations, leaving the current number of advisers at 15,618.

Since the beginning of the calendar year, there has been a net increase of three advisers, while the profession is up 63 for the financial year-to–date.

“A slower week of financial adviser movement after a flurry of switches across licensees that occurred last week. After a solid start during the first few weeks of the year, we have now entered a period of decline,” noted Williams.

Meanwhile, two new licensees have commenced and an equal number have ceased.

In terms of growth this week, 21 licensee owners are up by net one adviser each, including Templestone Financial services, Fortnum, AMP Group, and the two new licensees.

B. Moses Investment Services had the largest gain this week with seven new advisers bringing its total advisers to 10, all of which are also authorised at Australia National Investment Group.

Looking at the weekly declines, Morgan Stanley is down by four advisers, with all of them having moved to Shaw and Partners.

Morgans Group, Grimsey Wealth, and a licensee that is now down to zero advisers all lost two advisers each this week, all of which are yet to be appointed elsewhere.

Politis Investment is also down two advisers with one starting their own AFSL and the other joining a small licensee.

A tail of 17 licensee owners are down by net one adviser each, including Insignia, Fitzpatricks, and PSK.