The move saw the firm shed 26 advisers in the week ending 4 June which pushed it down to 527 advisers and subsequently lose its position as the third-largest licensee in the sector.
After holding a spot among the top three largest licensees, Count Limited has been pushed down to fourth with WT Financial Group overtaking it.
The limited advice sector has been on a steep decline particularly over the last year, with Padua Wealth Data stating that it has halved from 330 as at 1 December down to 164, culling 50.3 per cent of advisers in this space.
Looking at the broader profession, it was a big week as 35 advisers fell off the FAR falling to 15,136 for the week ending 4 June – despite 11 new entrants this week, signalling the real loss of 46 experienced advisers.
This is a rather significant blow considering advisers numbers had finally broken the ceiling last week, when it hit a net gain of one for the 2025-26 financial year-to-date (YTD).
After this week’s loss, however, it has dropped back to a net loss of 34 for FY26 YTD, while the calendar YTD net change is sitting at a gain of 81.
There is little hope now of a reversal of fortune for the profession before the financial year ends though with less than four full weeks left, particularly given June typically sees the highest losses of any point of the year as advisers jump off the FAR prior to census date on 30 June.
