The advice profession lost 15 advisers over the past week, according to Wealth Data, partly due to a lower number of new entrants and advisers transitioning between licensees.

Two CEOs and a recent report have underscored how the current period of M&A, led by large buyer groups, is redefining the financial advice profession and creating a notable “purple patch”.

The regulator says it secured $32.2 million in civil penalties and nine criminal convictions in the six months to 30 June.

BT’s Bryan Ashenden has encouraged advisers to remain aware of the Financial Services and Credit Panel’s four latest determinations against relevant providers to avoid running into the same issues.

The number of Australian high-net-worth individuals has grown by nearly 9 per cent from 2023, according to Praemium and Investment Trends, spelling positive news for financial advisers.