Insignia is currently the largest advice firm by adviser numbers but Wealth Data says this may change after the sale of Millennium3 to WT Financial Group.
Insignia currently has 922 advisers followed by AMP at 872 and then a drop to 519 advisers at Centrepoint and 428 at WT Financial Group.
Wealth Data’s Colin Williams says assuming the sale of Millennium3 happens by the end of the calendar year “…AMP will once again be the largest group managing advisers, followed by Insignia and WT Financial Group.”
He notes that in looking at the top 10 advice firms by adviser numbers that Fortnum securing the Personal Financial Services licensee from Australian Unity, has seen it jump from 14th position to 7th with 383 advisers.
Williams says Fortnum has leapfrogged major groups including Castleguard Trust owners of Lifespan (276), Sequoia (349), and Count (370) which is aiming to more than double its size in the new year when it is expected to take over Diverger (387).
