Adviser growth halted amid AFSL cancellations

Financial advice practice Finchley & Kent has welcomed 20 advisers to its licensee this week, as overall adviser numbers break its three-week growth streak to drop into the red.

Wealth Data analysis has seen overall adviser numbers fall by just one in the week ending 1 August, leaving the industry at 15,492 advisers.

This was the first decrease of the new 2024–25 financial year, observed Wealth Data founder Colin Williams, following three consecutive weeks of double-digit growth previously.

During the week, Build Your Wealth saw its Australian Financial Services Licence (AFSL) cancelled on 26 July and United Global Capital saw its licence cancelled on 31 July, which resulted in losses of two and nine advisers, respectively.

However, the losses were offset by a strong 17 new entrants joining the profession and a Sydney-based AFS licensee Finchley & Kent taking on 20 advisers.

Over 100 advisers were active with appointments and resignations, three AFS licensees commenced operations and four ceased.

Examining adviser growth over the week, 32 licensee owners had net gains of 64 advisers in total.

This was led by Finchley & Kent, which added 20 advisers to its ranks. However, all of these advisers are still authorised at Sambe Investments, the firm’s parent company.

Rhombus Advisory, which separated from Insignia Financial on 1 July 2024, grew by three advisers after it picked up four at RI Advice from Count and lost one adviser to Consultum. The AFS licensee’s introduction caused a shake-up in the top licensee rankings, coming in at fifth spot behind WT Financial Group, Centrepoint Alliance, Count and AMP Group.

Six licensee owners welcomed two advisers each, including Perpetual Group, Centrepoint, Wealth Spectrum, and AAN Wealth Management. Meanwhile, 22 AFS licensees gained one adviser each, including HESTA, Bombora Advice, Koda, and Morgans.

On the other end of the spectrum, 23 licensee owners had net losses of 39 advisers.

AMP bid farewell to four advisers from its Charter and Hillross practices, while Count also lost the same number.

Three AFS licensees were down by two advisers each, and a tail of 15 licensee owners lost one adviser each. These included Insignia, PSK, and FSSP Financial (Aware Super).