Morgans Financial crowned largest licensee

Morgans Financial has toppled AMP Financial Planning (AMP FP) to become the licensee with the largest number of financial advisers.

Morgans recorded 431 active advisers at the end of 2024, while AMP FP had 426.

On December 20, both AFSLs had 430 registered advisers, Rainmaker Information modelling of the ASIC Financial Advisers Register shows.

Alliance Wealth's 367 advisers rounds up the top three largest licensees in Australia.

Count Financial (344), Interprac Financial Planning (321), Charter Financial Planning (296), Lifespan Financial Planning (290), Consultum Financial Advisers (273), Synchron Advice (258), and Ord Minnett (254) comprise the top 10.

Rainmaker data shows AMP FP has long led the pack in terms of employing the largest number of representatives. It had as many as 1800 advisers in May 2015, for example, while Charter Financial Planning had 800.

AMP FP, Hillross, and Charter Financial Planning now operate under Entireti and AZ NGA.

Entireti paid $10.2 million for AMP's advice licensees and Jigsaw. AZ NGA acquired AMP's minority stakes in 16 advice practices for $82.5 million. AMP retains a 30% in the advice businesses.

In closing out 2024, the total adviser population remained stable at 15,507, dipping 1% compared to the start of the year.

The advice profession welcomed just 300 new entrants in the last calendar year.