The first week of July saw a net loss of 190 advisers in addition to the 359 lost in June. But it’s not all bad news.
Colin Williams, Founder of Wealth Data says while the June loss is higher than expected, bringing the total loss for the 2024/25 financial year to 136, a recovery is expected.
“Although the numbers seem bad, the overall results might not be as negative as they first appear,” he says in his weekly commentary. “The end and start of a financial year is always unstable.”
“Many of the losses come from our Accounting – Limited Advice model, where most licensees mainly offer limited SMSF advice and are a small proportion of total advisers.
“We also expect a recovery in July, with the first few days already showing a net gain of 89, including 18 new entrants.”
Growth – Licensee Owners
- Guideway up by eight, all from MUFG Retire360 controlled by Australian Administration Services
- A new licensee commenced with four advisers from Accession3 Financial Advisers and now has zero advisers
- Wilson Pateras Group also up by 4, all four currently showing as still being authorised at Canny Wealth
- Three firms up by three including another new licensee with advisers leaving Bridge Private Wealth and ASV Holdings who gained all advisers from Consultum
- 10 firms up by two including Ord Minnett and Janus Financial
- A tail of 26 licensees up by net one including; Practice Development Group (Godfrey Pembroke), Boston Reed and five new licensees
Losses – Licensee Owners
- NTAA (SMSF Adviser Network) down by (-59). This firm provides mostly limited SMSF advice and none showing as being reappointed
- Count Limited down by (-19) with 10 leaving Merit Wealth that provides mostly limited SMSF advice
- Entireti & Akumin Group down by (-12)
- Sequoia down by (-10)
- Rhombus by (-7)
- Australian Administration Services by (-6)
- Accession3 and Lifespan down by (-5)
- Three firms down by (-4); Industry Super Fund Holdings, Centrepoint Group and Ipraxis
Five groups down by (-3) including Spark Partnership and Beryllium Advisers - 19 down by (-2) including Evan Dixon and Morgans Group
- A very long tail of 69 firms down by net (-1) including Oreana, Shaw and Partners, and LFG Financial Services
