Financial Adviser Market Insights, June 4, 2026
Adviser Numbers Decreased by (-35) for the week, moving from 15,170 to 15,135
A heavy-looking week on paper, but one driven almost entirely by a single story. Count Limited shed 26 advisers as it wound down its restricted SMSF / limited-advice service, with the bulk departing its Merit Wealth licensee. Count no longer have restricted SMSF advisers. Strip that one event out and the week was close to flat. Note: four former Merit Wealth advisers have switched to Capstone.
Of note: Count Limited now have 527 advisers, dropping from being the third largest group to fourth, just behind WT Financial Group on 529 advisers.
Our ‘Accounting - Limited Advice’ business model, defined as licensees offering mostly limited SMSF Advice has declined from 330 as of December 1, 2025 to now being at 164, a net decrease of (-166) or 50.30%.
Sequoia lost another nine from InterPrac, continuing a long downward run. The Damien Grist - DGK Group Investments Pty Ltd licensee closed to zero, with its three advisers moving across to First Financial.
A total of 109 advisers were affected by appointments and/or resignations this week, including eleven new entrants to the register.
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Key Adviser Movements for the Week
15,135 current advisers
Net change of advisers: (-35)
New Entrants: 11
29 licensee owners had net gains
32 licensee owners had net losses
1 licensee reduced to zero advisers (Damien Grist Pty Ltd)
Net Change Calendar 2026 YTD: +81
Net Change Financial Year 2025/26 YTD: (-34)
Net change last 12 months: (-429)
Growth - Licensee Owners
Capstone Financial Planning up by three (net). Capstone absorbed four advisers leaving Count's Merit Wealth licensee, each of whom had been at Merit Wealth since 2016 or 2017. One Capstone departure offset the gain.
Janus Financial up by three, all joining First Financial. All three came out of the Damien Grist licensee as it wound up (see Losses).
Ord Minnett Group up by three, two are new entrants to the register and the third joined from Lipman Burgon and Partners.
Three licensee owners each up by two: Bell Financial Group both new entrants, Dale Gerreyn (Blackcrest Group) also new entrants, and PSK Group who gained one adviser each from Personal Financial Services owned by Entireti & Akumin Group and FYG Planners.
A tail of 23 licensee owners up by net one each, including Fiducian Financial Group, Morgans Group and Invest Blue — several of them new entrants.
Losses - Licensee Owners
Count Limited down by 26 — the week's dominant move and almost the entire net decline. Twenty-two of the departures came from the Merit Wealth licensee under the "Accounting – Limited Advice" model, with a further seven from GPS Wealth. Count has now withdrawn from restricted SMSF / limited-advice services.
Sequoia Group down by nine, all from InterPrac Financial Planning. Four reappointed elsewhere during the week — joining Akumin (Entireti), Gill and Co Advisory (Phillip Alexander), Lifespan and Guideway — while the remaining five are not yet reappointed. Sequoia now sits at 152 advisers, down from 282 at the start of the year.
Damien Grist Pty Ltd down by three and reduced to zero advisers. The licensee wound up, with all three advisers moving to First Financial under Janus (see Growth).
Centrepoint Group down by three losing four advisers who have not been appointed elsewhere and gaining one from Adrians Wealth Management
Several licensee owners down by two: Evans Dixon, Rhombus Enterprises, Macquarie Group, Clime Group and the Mancell Family Trust (FYG Planners).
A tail of 23 licensee owners down by net one each.
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