The adviser workforce recorded a modest increase during the last week rising by 10 to 15,135, according to ASIC data shared by Colin Williams of Padua WealthData.
The gain follows a stronger increase of 66 advisers in the prior week. The rise was largely driven by new entrants states Williams, with 11 advisers added to the ASIC Financial Adviser Register following the March financial adviser exam cycle.
Williams states movements of advisers were broadly balanced, with 27 licensee owners posting net gains of 39 advisers, while 23 recorded combined losses of 32.
Among the gainers:
- Endeavor Asset Management added five advisers, all transitioning from InterPrac.
- NTAA rose by four as advisers continued shifting from the former SMSF Adviser Network to Advice Assist
- Findex and Fiducian Financial each gained three advisers, supported by a mix of lateral transfers and new entrants
- Consortium Private added two advisers from the same SMSF-related cohort
On the downside:
- Entireti recorded the largest net loss, down five advisers, including seven departures not yet reappointed
- Sequoia declined by four advisers
- Count and Licentium Services also posted net losses, with Licentium left without any advisers
- Sequoia-owned InterPrac continued to contract, losing a further four advisers, with only one reappointed to date
Meanwhile, licensee numbers remain unchanged, although the sector continues to adjust to recent disruption stemming from the SMSF Adviser Network closure. Three licensees ceased operations, with no new entrants recorded.
