Adviser numbers down 1.5k after 3 years of Labor

Since Labor took office in May 2022, the number of financial advisers has dropped by 1,500, according to Wealth Data.

This comes despite promises from Financial Services Minister Stephen Jones to fix the sector’s “hot mess”.

Wealth Data’s latest figures put the number of advisers at 15,611 in the week to 24 April. This compares to 17,111 active advisers as at 21 April 2022, in the lead-up to the last election.

The 15,611 number actually follows a period of relatively steady growth, with Wealth Data pointing to a net gain of 135 over the calendar year-to-date, and 267 over the financial year-to-date.

ASIC’s 6 March adviser exam has continued to provide a trickle of new entrants with six this week, adding to the 38 from the last fortnight.

In the week to 24 April, some 46 advisers were active with appointments or resignations, while one new licensee commenced and zero ceased operating.

Delving into the data further shows that 17 licensees had net gains of 21 advisers in total. Among these, four licensees were up by two advisers each, including this week’s newly minted licensee which took two advisers from Grange Financial Services.

Centrepoint Group welcomed three advisers – one new entrant, one from Madison and one returning after a break – though this was slightly offset by the departure of an adviser yet to resurface. Axis Financial Group added two advisers returning from multi-year breaks, while Blue Rock 3030 picked up one of the two new entrants.

Meanwhile, 13 licensee owners gained one adviser each, including Picture Wealth, Industry Super Holdings and Capstone.

For losses this week, 16 licensee owners experienced a net loss of 20 advisers in total.

Earlier this month, the Coalition pledged to regrow the profession to 30,000 advisers, with shadow treasurer Angus Taylor explaining the numeric target will be embedded in the ASIC statement of expectations.