Adviser exits ramp up over Christmas and New Year period

According to Wealth Data’s analysis of the Financial Advisers Register (FAR) between 19 December 2024 to 9 January 2025, there was a net decline of 34 advisers during the Christmas and New Year period.

This caused overall adviser numbers to fall below the 15,500 mark yet again to 15,481.

The three-week period saw 16 new entrants join the profession, while 135 advisers were affected by appointments or resignations. Three new licensees opened up shop alongside four that ceased operations.

Breaking down the adviser declines, 44 licensee owners had net losses of 71 advisers.

Entireti experienced the largest number of departures at 15 advisers, representing nearly half of the exits during the period, but welcomed five advisers which led to a net loss of 10.

Last month marked the formal completion of the AMP-Entireti deal, with Entireti having acquired AMP’s advice licensees – AMP Financial Planning, Hillross and Charter Financial Planning – and self-licensed business Jigsaw. Meanwhile, AMP has retained a 30 per cent stake.

As a result of the transaction, Entireti has become the largest advice licensee owner in Australia with 1,300 advisers.

“It is a privilege to be the biggest licensee, there is a lot of responsibility on us now. We have a big responsibility to improve as we have the capability from our size to be a real leader in the space and to champion the availability of financial advice," Entireti chief executive Neil Younger said in December.

“It’s a bit like winning the Grand Final but now we need to look ahead.”

Following Entireti, Perpetual bid farewell to eight advisers over the period, with none showing as being appointed elsewhere to date.

Bell Financial, Janus Financial and MWL declined by three advisers respectively, and five licensee owners were down by two advisers each, such as Insignia Financial.

A long tail of 34 licensee owners lost one adviser each, such as Morgans Group, Shaw and Partners, and Viridian Advisory.

On the other end of the spectrum, 32 licensee owners reported net gains of 39 advisers in total. Seven advice firms increased by two advisers each, including Centrepoint Alliance, and another 25 licensee owners welcomed one adviser each.

Estimated figures from Wealth Data display a total net loss of 143 advisers for the full 2024 calendar year, an improved result from 2023’s loss of 181 advisers.

However, with licensees having 30 days to report changes, a full update on the 2024 numbers will be released later this month.