Adviser numbers up 159 across September quarter

Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter.

The research house found that between 1 July to 30 September 2024, there was a net rise of 159 advisers in the three-month period, an improvement from 108 in Q3 last year.

This quarter’s growth was underpinned by the 201 new entrants who joined, compared with 131 in the same period last year.

There were several standout licensee owners in terms of adviser growth during the quarter, Wealth Data noted. PictureWealth welcomed 41 advisers over the three months, thanks to its acquisition of Superannuation Advice Australia (formerly licensed to AAN Wealth Management) and Financial Advice Australia (formerly licensed to KNR Investments).

Following PictureWealth, Finchley & Kent was up by 37 as the licensee benefited from several advisers moving from Sambe Investments.

Morgans Group rose by 13 advisers, Lifespan Financial Planning welcomed 10, and Rhombus Advisory increased by nine.

Top five licensees for Q3 adviser growth

ifa previously conducted its own quarterly analysis of adviser number fluctuations. Nine out of the 13 weeks in Q3 saw a growth in adviser numbers, with the remaining five weeks seeing a decline.

Weekly movements

There was a net decline of just one adviser over the week ending 17 October. Nine new entrants joined, two new licensees commenced operations and zero licensees ceased.

Some 18 licensee owners reported net gains of 23 advisers in total. A new licensee commenced with four advisers who departed from Wealth Matters, while another new licensee began with two advisers from Cobalt.

Templestone Financial Services gained two advisers, and a short tail of 15 Australian Financial Services licensees were up by one adviser each, including Sequoia and Viridian.

Meanwhile, 16 licensee owners experienced net losses of 24 advisers all up. Wealth Matters was down by four, as previously stated, and AMP Group lost three advisers.

Shaw and Partners, Infocus and Cobalt declined by two advisers each, while 11 licensees were down by one adviser each, such as Insignia Financial, Fortnum and Count.