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Wealth Data has revealed the top 10 financial advice licensees for adviser growth and losses in the last year, even as the industry rounds out at 15,667 advisers for 2023.
The financial advice profession can expect to see more advisers forming their own practice instead of sticking with major licensees in 2024, leading to greater industry competition, says Wealth Data’s Colin Williams.
Critique Private Clients, a Sydney-based advisory business, has switched from an Insignia-owned licensee to Count’s Australian financial services licence network.
The number of financial advisers has stabilised above the 15,600 mark as 2023 comes to an end, while Wealth Data confirms AMP now leads as the largest licensee.
Two advice licensees have lost more than 26 per cent in their share price since the start of 2023, while another has seen gains of 35 per cent.