Financial Adviser Market Insights, May 21, 2026
Adviser Numbers Unchanged for the week, remaining at 15,167
A flat week in headline terms, with gains and losses perfectly balanced at a net change of zero. The standout story is Phillip Alexander (Gill and Co Advisory) recording the largest single-week gain of any licensee owner in 2026, absorbing eight advisers directly from InterPrac (Sequoia). Elsewhere, Entireti and Akumin Group shed six and the ongoing InterPrac attrition cost Sequoia a further eight. Five new licensees commenced and two ceased.
A total of 44 advisers were affected by appointments and/or resignations this week, including five new entrants to the register.
The Sequoia Story: 2026
Sequoia has lost more than 110 advisers from InterPrac since January 1, falling from 282 to just 168 in under five months. This week saw eight more walk out the door, with the majority heading straight to Gill and Co Advisory in one of the biggest single-week grabs of the year. The InterPrac story is far from over, and every week the destination list grows longer. How long can Sequoia keep up this negative trend!
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Key Adviser Movements for the Week
15,167 current advisers
Net change of advisers: 0
New Entrants: 5
27 licensee owners had net gains
26 licensee owners had net losses
5 new licensees commenced
2 licensees ceased
Net Change Calendar 2026 YTD: 114
Net Change Financial Year 2025/26 YTD: (-2)
Net change last 12 months: (-419)
Growth – Licensee Owners
Phillip Alexander (Gill and Co Advisory) up by eight, all switching directly from InterPrac (Sequoia). For a group with 23 advisers at the start of the week, adding eight in one period is one of the most significant proportional gains seen from a smaller licensee owner in 2026. One adviser had been at InterPrac since November 2014, a tenure of more than eleven years, and another since July 2018.
Endeavor up by three: one adviser switching from InterPrac, one returning to the market after a period away, and one new entrant joining the register for the first time.
Ethical Wealth Advice (Ethical Financial Planning Services) up by three via new licensee. All three advisers came from Ethical Investment Advisers.
Four licensee owners up by two each: AvalonFS (both from InterPrac, having previously come from GWM Adviser Services/Insignia Group), Communication Dynamics (one from CHPW Financial), Michael Allanson / WP Wealth Professionals (one from Finchley and Kent, one from Axis Financial Group) and Rhombus (three joined RI Advice from Fortnum Private Wealth/Entireti and Akumin, offset by two departures from Consultum Financial Advisers).
A tail of 16 licensee owners up by net one each, including WT Financial Group and Morgans Group.
Losses – Licensee Owners
Sequoia down by eight of those departing this week: three joined Gill and Co Advisory (Phillip Alexander), two joined AvalonFS, one switched to Synchron Advice (WT Financial Group), one joined Nextplan Financial and one left to start a new licensee (Currie Pie Private Wealth).
Entireti down by six, the largest single-group loss of the week. Three advisers departed Akumin Financial Planning and are not yet reappointed. A further three departed Fortnum Private Wealth and all moved to RI Advice Group (Rhombus Enterprises), contributing to Rhombus's net gain for the week.
Ethical Investment Advisers down by three, with all three advisers departing to establish the new Ethical Wealth Advice licensee. See New Licensees section above.
Two licensee owners down by two net: Infocus (four advisers departed Infocus Securities Australia, including one with the group since 2016 and one departing to start a new licensee, partially offset by two joining) and Maura McCabe (reducing to one remaining adviser). Findex had a net neutral week with one new entrant joining and one adviser departing.
A tail of 21 licensee owners down by net one each, including Centrepoint Group and Count Limited.
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Sequoia’s Movements by License
Since the start of 2026, Sequoia has shed more than 110 advisers from its InterPrac Financial Planning licensee, dropping from 282 to just 168 in under five months. The departures have been consistent week after week with no sign of the pace slowing. This week added another eight to the tally, cementing the InterPrac story as the defining narrative of the 2026 advice market.
The 106 advisers who have already found new homes have landed across a remarkably wide range of groups. No single destination has dominated, with the outflow absorbed by large established licensees, mid-tier groups and boutique independents alike.
The biggest beneficiary across the full year to date has been Phillip Alexander (Gill and Co Advisory) with 10 advisers, alongside Lifespan on 11 and Centrepoint Group on 10. WT Financial Group has taken six and Endeavor Asset Management a further six. What stands out is that the 500-plus licensee owner category has absorbed just 17 of the 106 departures, while the mid and smaller tiers account for the overwhelming majority. That pattern suggests departing InterPrac advisers are actively choosing independence and flexibility over moving to another large group. Even within the smaller licensee owner category, the spread continues, with O & Z PTY LTD standing out as the biggest single gainer at four advisers, ahead of a long tail of owners picking up one or two each.
With Sequoia now sitting at approximately 168 advisers and some from recent weeks still yet to be reappointed, the picture remains fluid. Some advisers are joining existing groups, others are using the moment to establish their own licensees. For a group that was one of the larger players in the market at the start of the year, the scale of the contraction in such a short timeframe is extraordinary. How far the numbers fall before stabilizing will be one of the key things to watch in the months ahead.
