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Despite the recent uptick, the overall trend for the calendar year remains concerning. WealthData's principal, Colin Williams, highlighted that many advisers previously counted among the fiscal year's large exits have returned under new licenses. This movement has somewhat cushioned the overall number, bringing active financial adviser registrations to 15,469 as of now.
Interestingly, since the beginning of the financial year on July 1, there have been 41 new advisers registered, including the 21 additions from the past week. These recent figures indicate a potential reversal in the downtrend, though the calendar year's net loss of 148 advisers can't be overlooked.
Certain licensee owners experienced appreciable gains this week. Insignia Group stands out with a net increase of seven advisers; five being new entrants while the remaining two transitioned from Alliance Wealth and internal positions within Insignia.
AvalonFS showed a net increment of six advisers. However, it's noteworthy that all six had ceased operations toward the end of June but were reinstated in the beginning week of July.
Other notable movers include:
Additionally, a broad spectrum of 33 other licensee owners saw a net growth of one adviser each, including firms like Fortnum, Centrepoint, and Capstone.
On the flip side, there have been notable declines within certain major licensee owners:
The ever-evolving adviser landscape reflects the broader shifts and disruptions within the financial advisory sector in Australia. It will be crucial to monitor if trends reverse sustainably or if the industry continues to navigate these turbulent waters. (Source: WealthData)
Published:Saturday, 13th Jul 2024
Source: Paige Estritori
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