Page 20 - Wealth Data News Today

Shaw and Partners co-CEO, Earl Evans, reflects on the advice firm’s decade-long success story and why fostering a quality work culture sits at the heart of the business.

Fortnum Private Wealth CEO, Neil Younger, says scale is becoming a necessity rather than a benefit for financial advice licensees as it focuses on organic growth via licensee switching.

With a weekly loss of 14 advisers led by declines at Count Financial, the financial advice industry has fallen below the 15,600 line.

Wealth Data has revealed which financial advice licensee has lost the greatest number of advisers this financial year-to-date, with the firm declining by 59 advisers over the period.

By the year’s end, American and global shares could account for a combined 70 per cent of younger investors’ portfolios.

Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.

ASIC has cancelled the Australian financial services licence of a Sydney advice firm with the business having lost more than 30 advisers since the start of 2024.

The proportion of new entrants who decide to remain in the financial advice profession is on the rise but overall numbers are still insufficient, according to Wealth Data’s Colin Williams.

With Count’s acquisition of Diverger set to complete on 1 March, the firm will overtake Insignia Financial as the second-largest financial advice licensee in Australia.

The proposed merger between Count and Diverger has received court approval to proceed on 1 March, with Count chief executive Hugh Humphrey welcoming reaching the “huge milestone”.