Australia’s financial planning landscape is undergoing a significant evolution marked by the movement of financial advisers between licensees and the strategic realignment within the industry. Key players such as Akumin, Rhombus, and the recently rebranded Fortnum, now known as Entireti, are reshaping the competitive environment. WealthData’s analysis of the Financial Adviser Register (FAR) indicates ongoing churn among advisers, which drives the dynamic nature of the market. Despite an overall decline in the number of advisers, a net increase for the current year points to a gradual recovery. The trends highlight the intense focus on acquiring profitable advice practices and the critical role these movements play in shaping the financial landscape.
Adviser Numbers and Growth Trends
As of the latest data, the total number of advisers stands at 15,576, reflecting a net decrease of two advisers in the recent week. However, looking at the current year, there has been a net increase of 100 advisers, and for the financial year, the increase has been more pronounced at 233 advisers. These figures reveal a fluctuating yet growing adviser base, indicating an overall positive trend despite short-term declines. WealthData’s analysis highlights the first quarter’s dynamics, with certain licensees emerging as leaders in adviser growth.
The new licensee Partners Wealth Group, spun off from Entireti & Akumin Group, has recorded the most significant growth during this period. Additionally, Endeavor Asset Management and Centrepoint Group have both shown considerable increases in their adviser numbers. Meanwhile, The Principal Edge has added nine advisers from Australian Advice Network, contributing to notable gains. Conversely, the Entireti & Akumin Group has experienced mixed changes, gaining some advisers while losing others to emerging groups like Rhombus and established entities such as Hillross.
Losses and Movements Across Licensees
Several licensees have seen their adviser numbers dwindle. The Australian Advice Network, for instance, lost nine advisers, with some of these movements attributed to a shift to The Principal Edge. Other entities like Collins House Private Wealth and Gantfm Pty Ltd saw their advisers migrate to larger groups, including Rhombus and Entireti & Akumin Group. These movements reflect the ongoing consolidation trend within the industry, as smaller licensees often merge with or are acquired by more prominent players.
A broader analysis indicates that 28 licensee owners gained a total of 46 advisers, while 27 licensee owners experienced a net loss of 49 advisers. This net change underscores the intense competition and fluidity in the marketplace, with advisers continually seeking better opportunities and alignment with their career goals. Additionally, several new entrants have emerged, and some licensees have ceased operations, adding to the overall complexity of the landscape. Advisers who have yet to be reappointed elsewhere contribute to the dynamic nature of the market.
Strategic Consolidation and Future Outlook
Australia’s financial planning landscape is experiencing notable shifts as financial advisers migrate between licensees and the industry undergoes strategic realignment. Prominent firms like Akumin, Rhombus, and the newly rebranded Entireti, formerly Fortnum, are significantly impacting the competitive landscape. WealthData’s analysis of the Financial Adviser Register (FAR) reveals continuous churn among advisers, contributing to the market’s dynamic nature. Although there has been an overall decline in adviser numbers, a net increase for the current year suggests a slow but steady recovery. This evolving scenario underscores the heightened focus on acquiring profitable advice practices and highlights the crucial role that these adviser movements play in shaping the financial planning sector in Australia. The trends illustrate how strategic acquisitions and adviser mobility are critical in driving the industry’s competitive dynamics, ensuring that advisory firms remain agile and responsive to market demands.
