Around a third of Mawson Group Australia's (Mawson) advisers have not joined colleagues at Millennium3 (M3) following the group's acquisition.
The ING-owned firm has integrated 65 advisers into the dealer group but a third decided the offer was unattractive.
Millennium3 yesterday said that a total 65 of Mawson's 104 advisers had completed the move.
The 65 now take Millennium3's adviser numbers to 590, the fifth largest in Australia, with $5 billion in funds under advice and 180 million per annum in-force risk premium.
"Mawsons is a good fit with Millennium3's proven business model of leveraging links with other advice professionals, including general insurance brokers and accountants," Millennium3 joint managing director Darryl Foster said.
Millennium3 paid $7.94 million for Mawson, but the price will be cut if Mawson advisers fail to meet brokerage revenue performance criteria set out by the new owners.
In April, IFA reported a number of Mawson's advisers had concerns about being tied to a major institutional dealer group and the belief they would be treated unfairly under the terms of the acquisition.
Earlier this month, 14 Mawson financial planners defected to boutique dealer group Risk Investment Adviser Australia.
