Estimates for calendar year 2024 put the advice industry on a path to losing advisor numbers, with exits offsetting gains from new entrants, according to Wealth Data.

The latest weekly figures for 2024 from Wealth Data, the last of the year, show the sector reporting a loss of 108 for the year so far with further exits likely at the end of the year.

This is, however, an improvement from 2023, when 140 people left the industry.

Colin Williams, founder of Wealth Data, said: “We expect more new entrants to join FAR, but the last week of December is popular for retirements and resigning advisers who will often join a new incumbent degree at the start of a new year. The losses are likely to offset the gains of new entrants. »

On a weekly basis, the sector recorded a gain of eight advisors in the week to December 19, bringing the number of advisors to 15,515.

Some 33 licensed owners recorded net gains of 35 advisors, and 19 licensed owners recorded net losses of 25 advisors. A new license holder has started operations and another has ceased operations.

There were 16 new entrants during the week, double the volume of the previous two weeks, and likely the result of the recent ASIC board exam results.

Count and Beryllium Advisers both increased by two advisors, and a long list of licensees saw a net increase of one, including UniSuper, Sequoia, Lifespan and Bell Financial Group.

In terms of losses, Insignia lost four people who all left Bridges and none of them have been appointed elsewhere yet. Rhombus also lost three positions, with one joining CT Group Advisory Services, while the other two had yet to be appointed elsewhere.

Morgan Stanley and NAB Bank both fell by two, and 14 licensees, including Infocus and WT Financial Group, lost one each.