Financial Adviser Market Insights, June 18, 2026
Adviser Numbers Decreased by (-21) for the week, moving from 15,120 to 15,099
Another weekly decline for this month of June, this time at -21, taking the last three weeks net losses to -71. The final stretch before 30 June, the period as our recent 12-month review noted, tends to bring the year's heaviest movement.
The standout this week was a piece of corporate activity rather than the usual comings and goings: Picture Wealth Group's acquisition of Capstone Financial Planning, which reshapes the top of the licensee owner ladder (more below). Beyond that, Sequoia shed another eight from InterPrac, and the four advisers at Cove Private Wealth moved across together to Esencia Wealth.
A total of 71 advisers were affected by appointments and/or resignations this week, including five new entrants to the register.
Key Adviser Movements for the Week
15,099 current advisers
Net change of advisers: (-21)
New Entrants: 5
Two new licensees and four ceased
19 licensee owners had net gains
31 licensee owners had net losses
Net Change Calendar 2026 YTD: +44
Net Change Financial Year 2025/26 YTD: (-71)
Net change last 12 months: (-440)
Movement on the league ladder — Licensee Owners
The week's most significant structural change came at the top of the licensee owner rankings, where Picture Wealth Group acquired Capstone Financial Planning. A week ago the two sat apart, Capstone just inside the top 10 at number 10 (with 220 advisers) and Picture Wealth outside it on 147.
Combined, the group now carries 368 advisers and jumps to 7th. As this is an ownership change rather than a wave of new appointments, it shows up in the rankings rather than in the weekly net-change figures.
The reshuffle nudges the previous occupants down a rung each — Lifespan to 8th, Ord Minnett to 9th and NAB Bank to 10th. Capstone leaves the ladder, absorbed into its new owner. The top six (Entireti & Akumin, Centrepoint, WT Financial, Count, Rhombus and Morgans) are unchanged.
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Growth - Licensee Owners
Esencia Wealth up by four — all four joining together from Cove Private Wealth (see Losses), under Financial Planning.
AvalonFS up by two, both joining from Sequoia's InterPrac Financial Planning licensee.
National Tax & Accountants' Association up by two — a rare gain within the restricted SMSF / limited-advice space that has otherwise driven much of the year's decline.
A tail of licensee owners up by net one each, including Picture Wealth Group (organic, separate from the Capstone acquisition above), Morgans Group, Shaw and Partners and Hewison & Associates.
Losses - Licensee Owners
Sequoia Group down by eight, all from InterPrac Financial Planning. One moved to Picture Wealth, two to AvalonFS and one set up their own licensee, while the remaining four are not yet reappointed. Sequoia now sits at 140 advisers, continuing its slide from 282 at the start of the year.
Cove Private Wealth down by four and reduced to zero advisers, with all four moving to Esencia Wealth (see Growth).
Four licensee owners down by two: NAB Bank, Lifespan, Private Wealth Partners Group and Rhombus Enterprises — with no immediate reappointments for all affected advisers.
A tail of licensee owners down by net one each, including Entireti & Akumin, Fiducian Financial Group and Daintree.
