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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”.