Count shutters limited-advice business, slips in size ranking

Count Financial has reportedly wound up its restricted self-managed superannuation fund (SMSF)/limited-advice service, losing some 26 advisers on the Financial Adviser Register (FAR), latest data shows.

Padua WealthData's weekly adviser update shows that Count now has 527 advisers - from 553 previously - dropping from being the third largest dealer group to fourth, as WT Financial Group edges out with two more advisers.

Overall, net change of advisers was -35 for the week.

The drop was driven mostly with the closure of Count's restricted advice service, Merit Wealth, which operated under Count's Australian financial services licence (AFSL).

As a result, Count no longer has restricted SMSF advisers.

Financial Standard has reached out to Count for comment.

Notably, four former Merit Wealth advisers have switched to Capstone.

It comes as the restricted model continues to struggle with retention. Based on Padua's data, the limited advice business model has seen a decline from 330 advisers in December 2025 to 164 currently, a net decrease of (-166) or 50.30%.

It also follows the closure of SMSF Adviser Network, an entity operating in a similar model under the authorisation provided by the National Tax & Accountants' Association's (NTAA) AFSL in April, with 85 advisers subsequently wiped off from the FAR.

Meanwhile, excluding Count's departures, the movement for the week was close to "flat".

Sequoia lost another nine from its subsidiary InterPrac, continuing a long downward run, Padua said, followed by the wound up of Damien Grist (-3) and Centrepoint Group (-3).

Several licensee owners down by two, including Evans Dixon, Rhombus Enterprises, Macquarie Group, Clime Group and the Mancell Family Trust (FYG Planners).

A tail of 23 licensee owners was down by net one each.