Count Limited has lost its position as the third-largest licensee in the sector after dropping its limited advice services as the Financial Adviser Register (FAR) takes another hit.
After holding a spot among the top three largest licensees, Count Limited has been pumped to fourth with WT Financial Group overtaking it for that third spot on the podium.
This is a result of Count’s wind up of its restricted SMSF and limited advice services which saw it shed 26 advisers in the week ending 4 June which pushed it down to 527 advisers, just below the 529 at WT Financial.
Count had been in second behind Entireti up until December when Centrepoint Financial Group overtook it in an ongoing back-and-forth between the two licensees.
The limited advice sector has been on a steep decline particularly over the last year, with Padua Wealth Data stating that it has halved from 330 as at 1 December down to 164, culling 50.3 per cent of advisers in this space.
Looking at the broader profession, it was a big week as 35 advisers fell off the FAR falling to 15,136 for the week ending 4 June – despite 11 new entrants this week, signalling the real loss of 46 experienced advisers.
This is a rather significant blow considering advisers numbers had finally broken the ceiling last week, when it hit a net gain of one for the 2025-26 financial year-to-date (YTD).
After this week’s loss, however, it has dropped back to a net loss of 34 for FY26 YTD, while the calendar YTD net change is sitting at a gain of 81.
There is little hope now of a reversal of fortune for the profession before the financial years runs out though with less than four full weeks left, particularly given June typically sees the highest losses of any point of the year as advisers jump off the FAR prior to the end of financial year census date on 30 June.
It was a particularly busy week in terms of adviser switching with 109 active in appointments and resignation and, for licensees, just one ceased during this period.
Focusing on licensees, Capstone Financial Planning was among those with the highest gains this week, up net three after absorbing four from Count while one departed the licensee.
Janus Financial was likewise up by net three, all of which joined from the one licensee that wrapped up this week – Damien Grist. Ord Minnett Group also had a net gain of three, including two new entrants as well as one adviser joining from Lipman Burgon and Partners.
Bell Financial Group and Blackcrest Group both had a net gain of two advisers each, all of which were new entrants, while PSK Group picked up one adviser each from Entireti & Akumin Group and FYG Planners for a net gain of two.
A tail of 23 licensees were up by net one adviser each including Fiducian Financial Group, Morgans Group and Invest Blue.
At the other end, Count Limited saw the most losses, unsurprisingly, with a net loss of 26. Of those, 22 departed from Merit Wealth and were under the limited advice business model and a further seven advisers left from GPS Wealth. This move marks a complete withdrawal of Count from the limited advice sector.
Sequoia Group is another we’ve grown used to seeing among the licensee losses with the troubled group down a further nine this week, four of which have found new homes among Akumin, Gill and Co Advisory, Lifespan and Guideway. The remaining five have yet to be reappointed and Sequoia is now down to 152 after starting the year with 282.
Damien Grist – the one ceasing licensee this week – was down by three advisers who all joined First Financial under Janus, leaving the licensee with zero advisers.
Centrepoint Group lost four advisers this week, none of which have been reappointed elsewhere, and gained one adviser from Adrians Wealth Management.
Five licensees were down by two advisers including Evans Dixon, Rhombus Enterprises, Macquarie Group, Clime Group and FYG Planners.
A tail of 23 licensees were down by net one adviser each.