Perpetual expects adviser boost before Bain deal
The number of financial advisers in Australia rose for the seventh consecutive week, reaching 15,146 as of August 20, according to data from Padua Wealth.
A gain of 16 advisers this week continues a trend of steady growth. Professionals returning after earlier departures, completing required studies, or entering the field for the first time have contributed to the increase.
Perpetual gains ahead of Bain Capital deal
Perpetual added five advisers this week, bringing its total to 76. All five moved from ANZ Banking Group to its trustee company.
The wealth management division is being sold to Bain Capital in a $550 million deal. Perpetual has also received a separate takeover bid from EQT, though that offer depends on the Bain transaction closing.
Related: MA Financial unveils three-year scaling plan
Sequoia dips below 100 advisers
Sequoia Financial Group fell below 100 advisers for the first time, dropping to 94 after losing six this week. Seven advisers resigned from its troubled InterPrac Financial Group, while only one joined Anadara Capital.
Three of the departing advisers moved to Gill and Co Advisory, and another three joined Springboard Wealth. Both firms have historical ties to Sequoia. Spark Advisors Australia picked up one adviser.
Gill and Co now employs 44 advisers, while Springboard Wealth has 18.
Other movements in the sector
Centrepoint Group crossed the 600-adviser mark, reaching 601 after adding three. The new hires came from Zurich Assure Australia, Morgans Financial, and FYG Planners, all joining its Alliance Wealth division.
Related: Janus Henderson buys Insignia investor units
Twenty-four licensees each gained one adviser, including Lifespan, Shaw and Partners, Viridian Advisory, Aware Financial Services, Macquarie Group, and Spark Partnership Group.
New registrations slowed this week, with only nine joining. That marks a decline after six weeks of double-digit growth. The next increase may come from the latest financial adviser exam, held August 20, with results due in late September.
This year, the industry has added a net total of 91 advisers. For the financial year to date, the gain is 264.
MA Financial unveils three-year scaling plan
