The financial advice sector has recorded its largest weekly decline in adviser numbers so far this calendar year. Figures released by Wealth Data on Friday 20 June show a net loss of 41 advisers for the week.
The firm states the drop follows an historic financial year-end pattern where compliance, licensing, and business restructuring often drive departures in the run-up to 30 June, with a rebound typically seen in July.
While there has been a net gain of 68 advisers for the calendar year to date, and 199 for the financial year to date – putting the total number of registered advisers to 15,544 – the rolling 12-month figure shows a net loss of 52 advisers.
According to Wealth Data, no new licensees were recorded during the week to 20 June, with three firms ceasing operations. The company expects few, if any, new licence registrations before the end of the financial year.
Among the firms with modest growth were Morgans Group, Picture Wealth, and Politis Investment Strategies, each adding one adviser.
Australian Retirement Trust (ART Group) saw internal movement between its licensees, with Sunsuper gaining 25 advisers. However, all remain concurrently authorised through ART’s other licence, QInvest.
Count recorded the largest loss of the week, with nine advisers exiting Merit Wealth, a subsidiary of the firm. The group gained two advisers, including a new entrant to Count Financial and one at GPS Wealth, though these gains were offset by losses at GPS Wealth.
None of the advisers who departed during the week have, as of yet, joined another licensee, states Wealth Data.
