New entrants boost adviser numbers back above 15k

Wealth Data recorded an increase of 22 advisers on the Financial Advisers Register in the week ending 23 January 2025, with adviser numbers now at 15,516.

The strong week of growth was predominantly driven by the 21 new entrants who joined the Australian Securities and Investments Commission register, the research firm noted. Some 81 advisers were active with appointments or resignations, three new licensees commenced and zero ceased during the week.

Breaking down the adviser growth, 30 licensee owners enjoyed net gains of 55 advisers in total.

This was led by Gallagher Benefit Services after it welcomed six advisers, following its gain of eight advisers in the previous week.

Earlier this month, it was announced that Perth-based financial advice firm Wealth Management Partners (WMP) merged with the global financial services firm. The two companies said this would enhance its service offering on the west coast, where WMP will join Gallagher’s benefit and HR consulting division.

Following Gallagher, WT Financial Group rose by five advisers during the week. This included two advisers who returned from a break, two advisers switching from different licensees and one new entrant.

Sequoia Financial Group was also up by five advisers after it appointed six advisers and lost one adviser.

Entireti increased by three advisers, with all being new entrants who joined AMP Financial Planning (AMPFP). Last week, AMPFP won back its position as the largest individual licensee in Australia with approximately 430 advisers – one ahead of Morgans.

Moreover, five licensee owners gained two advisers each, such as Lifespan Financial Planning and Bell Financial, while a tail of 20 owners welcomed one adviser each, including Rhombus Advisory and Morgans.

In terms of adviser declines during the week, 19 licensee owners saw net losses of 21 advisers.

Bombora Advice, Count and Alteris Group were all down by two advisers respectively, and 16 licensee owners fell by one adviser each, including Capstone, FSSP Financial (Aware Super), and Shaw and Partners.

Wealth Data also revealed the final adviser numbers for the 2024 calendar year, including which business model saw the largest growth and an updated ranking in the largest licensee owners.