Advice firms use M&A and hiring to attract talent
Advice firms are blending purchase of other practices with internal hiring to boost their adviser head-counts, while a declining workforce forces companies to vie for scarce talent. The Hayne Royal Commission together with later reforms to training and professional criteria reshaped the sector, resulting in a reduced pool of qualified advisers. Wealth Data reports that the Financial Advice Register now lists 15,174 advisers, a fall from roughly 28,000 at the time the commission began.
Buying Practices to Boost Headcounts
For the biggest advisory organisations, buying existing firms can accelerate adviser intake and broaden market reach, yet nurturing talent internally remains key for attracting new staff and strengthening current teams. The combined entity of Entireti and Akumin, which employs about 1,100 advisers, exemplifies a business built through consolidation. In 2024, Entireti purchased AMP’s licensed and self-licensed operation Jigsaw for $10.2 million. At that point, Entireti formed a joint venture named NewCo, granting AMP a 30 percent interest. This partnership was overseen by Matt Lawler, formerly an advice executive at AMP and now chief executive of Akumin. The consortium keeps adding practices to its network while supporting growth of existing firms.
Akumin chief executive Matt Lawler explained that the group seeks high-quality businesses with expansion ambitions. It is also channeling resources into the adviser pipeline via a collaboration with the wealth-career platform Striver, linking member firms to graduates and job-seekers and facilitating training for new advisers. Entireti says the partnership’s purpose is to let its advisory networks—including Akumin, Fortnum and Personal Financial Services (PFS)—brand Striver’s technology and draw in the next generation of advisers. “We’re here to help advice businesses grow and achieve their objectives, which involves attracting and retaining talent, and identifying future leaders,” Lawler said when the alliance was launched in 2025.
At Shaw and Partners, which counts just over 200 advisers and $40 billion in client assets under management, external hiring continues to play a key role in its expansion plan. “For an organisation like Shaw and Partners, growth is also through external recruits. That’s a really important part of our business,” stated Chris Smith, national head of private wealth at Shaw and Partners. “We’re always on the lookout for good quality external recruits. […] Some of our competitors are probably shrinking and we see that as an opportunity to take advantage of that, because for us growing is incredibly important,” he added.
Smith also highlighted the importance of organic development, noting that seasoned advisers are bringing junior colleagues into their practices. “We’re seeing a bit of a shift in the advisory environment in Australia, where you’ve got a number of existing advisers that have been in the industry for a long time now starting to bring that next generation through, where they’re really partnering with those juniors and trying to build those associates into their teams.”
Targeting an Even M&A and Growth Split
Count Group is targeting a roughly even split between acquisitions and organic growth. Following its acquisition of Oracle Group earlier this year, Count has around 570 advisers across its broader network, including almost 100 employed advisers in its own advice business. With the Oracle deal now complete, Count previously stated it had identified $1.25 million in cost synergies to be realised within the next 24 months.
The group completed 10 transactions in FY26, including four financial planning acquisitions, while also growing advice revenue organically. CEO Hugh Humphrey has previously stated that equity partnerships are one of three M&A pathways the firm is pursuing: tuck-in acquisitions, transformative investments and equity partnerships. “An area of strategic interest is around employed financial planners in and around our equity partnership model so expect to see future activity in that space,” he said in the firm’s half-year results in February.
Smaller firms unafraid of acquisitions
The same combination of approaches is evident among smaller advice businesses, where individual transactions can markedly affect size and geographic footprint. Sydney-based AGS Group, a financial-planning and accounting practice, completed a full takeover of Hartley Financial in September, aiming to accelerate growth beyond advisers it cultivates internally. “There’s less financial planners than there used to be, but the client demand hasn’t disappeared,” remarked Alex Berlee, co-founder and director of AGS Group, referring to the impact of the Hayne Royal Commission.
A similar blend of strategies appears among other advisory outfits, where boutique firms are also executing purchases and forming alliances with professional-services or accounting partners. Integro Private Wealth combined with Lighthouse Capital South West earlier this year to bolster its presence in Western Australia. Nevertheless, Integro does not rely solely on purchases.
Managing partner Justin Gilmour explained that the firm’s expansion is roughly split between advisers obtained through acquisitions and those recruited organically. “I would say we are close to 50/50 with hires coming from acquisitions and from organic growth. We’re definitely still doing a lot of organic growth. We are constantly introducing new accounting partnerships and professional services so that’s where the organic growth is great for us as it means we can attract new advisers who are just very good at what they do,” Gilmour said.
These partnerships assist Integro in attracting advisers, but the firm also must ensure sufficient client flow for them. “It’s the firm’s responsibility is then to make sure we have the distribution of new clients coming through to be serviced by that calibre of adviser we need,” he added.
