New advice entrants clear triple digits for FY24–25

Wealth Data analysis of the Financial Advisers Register (FAR) has revealed that 112 new entrants have commenced in the advice field over the past six weeks since FY24–25 began.

The week ending 8 August saw 18 new advisers join, while 17 entered the week prior. The beginning of the financial year period often sees a strong number of advisers join the FAR, Wealth Data founder Colin Williams previously noted.

Over the past week, there was a net growth of five advisers. The new financial year-to-date has seen a net gain of over 150 advisers; however, numbers look more dire for the calendar year, which stands at a loss of 123 advisers.

In terms of adviser gains, 30 licensee owners had net gains of 45 advisers in total. Five Australian Financial Services licensees were up by three advisers each, including Count, Rhombus Advisory, and Finchley & Kent.

Five licensee owners grew by two advisers each, such as Perpetual and Picture Wealth, while a tail of 20 licensees welcomed one adviser each.

Examining adviser losses over the week, 27 AFS licensees had net losses for 40 advisers in total. FSSP (Aware Super) lost five, Morgans bid farewell to three, and Szezjay Investments fell to zero after all three remaining advisers moved to Count’s licence.

Five licensees declined by two advisers each, including AMP Group, and 19 licensee owners lost one adviser each.

AMP Advice shake-up

Thursday was a significant day for the advice profession, with AMP announcing it will sell 70 per cent of its licensee and self-licensed offering Jigsaw for $10.2 million to Entireti, Fortnum Private Wealth’s parent company. Second, it sold its minority stake in 16 advice practices to AZ NGA for $82.2 million.

The acquisitions are set to bring more than 1,300 advisers together, according to AMP’s announcement.

“The deal is hot on the heels of the ‘self-employed’ licensees leaving Insignia under the new business of Rhombus. It will be interesting to follow the progress of both groups,” Williams said.

Rhombus, which now has 495 advisers, recently separated from Insignia Financial and consequently caused a shake-up in the top licensee ranking.

With AMP’s exit from advice not set to reach completion until the end of the year, the licensee still has 826 advisers. Meanwhile, Fortnum currently has 362 advisers.