Advice Sector Sees Weekly Decline, Ends Month-Long Growth Streak

The advice sector has seen a downturn, with a double-digit decline of 14 advisers in the week ending November 5, according to the latest Wealth Data figures. This marks the end of a four-week streak of gains, which saw a total increase of 47 advisers over the previous month.

Despite the decline, there were seven new entrants to the industry, and with another ASIC advice exam held on November 5, more are expected to join in the coming weeks. The net change for the calendar year-to-date remains positive, with a gain of 137 advisers compared to a loss of 23 at the same time last year.

Among the firms, PSK Group stands out, having added four advisers and approaching the 100-adviser milestone. With 93 advisers across its 17 national locations, PSK manages over $9 billion in funds under advice. The firm’s growth is attributed to a series of mergers, including Stature Financial Group and IPAC.

Other firms experiencing growth include Insight Management Partners, Rhombus Enterprises, and Mathew Paul Gale (GJ Private Group), each adding three advisers. NAB Bank, Industry Super Holdings, and ART Group Services were among the 20 licensee owners that added one adviser each.

On the decline side, Sequoia lost seven advisers, bringing its total down to 67. WT Financial Group also saw a decrease of six advisers, while Entireti & Akumin Group and Janus Financial lost three advisers each.

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The financial year has seen net gains of 300 advisers, indicating a positive trend despite the recent decline.

As the Wealth Data figures show, the advice sector is a dynamic and evolving space, with firms experiencing both growth and decline.

Licensee and Adviser Movements

During the week, two licensees started operations while three ceased. Among licensees, 28 reported net gains, and 36 reported net losses. Adviser movements varied, with some licensees gaining and others losing advisers. Internal switching occurred within groups, maintaining overall totals unchanged.

Several licensee owners experienced changes, with some gaining and others losing advisers. These shifts reflect ongoing adjustments within the industry.