Sequoia tops adviser losses for the week as new AFSL opens

In the week ending 20 February, the Australian financial advice sector increased by a net change of three advisers. This marked the sixth week of consecutive growth and saw adviser numbers for the financial year-to-date surpass 220, although it was the smallest weekly growth year-to-date.

Seven new entrants joined the profession over the week and 61 advisers were active with appointments and resignations. Meanwhile, three new licensees opened up shop and one ceased.

Looking at adviser declines, 14 licensee owners had net losses of 26 advisers in total. Namely, Sequoia lost five advisers after it appointed one and bid farewell to six. This was primarily due to a new licensee opening up with four advisers who were previously at InterPrac, a licensee owned by Sequoia.

Entireti also lost five advisers, all of whom were formerly at AMP practices. This was one each at AMP Financial Planning, Charter and Fortnum Private, as well as two from Hillross. The two from Hillross have since set up their own licensee.

Count was down by three advisers after it lost one at GPS Wealth and two at Merit Wealth.

NTAA’s licensee SMSF Advisers Network also fell by three advisers, while a short tail of 10 licensee owners lost one adviser each, including ANZ Banking Group and KDM Financial.

In terms of adviser growth, 22 licensee owners had net gains of 27 advisers. Finchley & Kent continued its growth streak with two new additions, including one from Verse Wealth and one from AMP Financial Planning.

Sydney-based Finchley & Kent was the licensee with the second-largest growth in 2024, with a growth of 37 advisers, behind Centrepoint Alliance at 39.

Finchley & Kent managing director Sam El Shammaa previously attributed the company’s adviser growth since its establishment in 2020 to its strong referral network.

“We’re in a growth stage – we have been growing quite rapidly, but I do want to emphasise that we haven’t been growing just for the sake of growing. We’ve been very meticulous on the type of advisers that we have been taking on and they really have to fit a certain criteria,” he said.

A tail of 19 licensee owners gained one adviser each, such as Centrepoint Group and Viridian.