2024 Financial Adviser Market In Review
2024 was another stable year, albeit down by a net (-145) advisers, but better than 2023 which was down (-182). Despite the losses, these are very small compared to the previous years post 2018 as the chart below shows.
While overall numbers have been stable, we have seen some major movement for licensees, the biggest occurring near the end of 2024 with Entireti effectively taking over AMP’s licensees. The year also saw Madisons being sold to Infocus and Rhombus being created from the ‘self-employed’ licensees that moved away from Insignia. It’s also been a better year for new entrants.
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Total Adviser Movement
At a national level, the net movement was (-145) as shown in the charts below. This is better than 2023 which was at (-182) and significantly better than the years preceding 2023. Net losses highlighted by Yellow line (right chart). Blue = Appointments. Red = Resignations. The number of advisers at the end of 2024 was 15,477.
Year-on-year change - Dashboard 8 of Licensee Deep Dive
Movement By Business Model
The chart below highlights the movement across our business models (peer groups). Key takeouts:
Accounting - Financial Planning (firms that are owned by accounting groups and provide holistic advice) have grown the most. The growth was driven by new licensees, who in the past were generally practices aligned to larger licensees.
118 new licensees commenced. Only one has more than 20 advisers. The vast majority have one or two advisers.
97 licensees ceased. The majority of the advisers affected by a licensee ceasing are still practising.
The Accounting Limited Advice (restricted to SMSFs), had the greatest percentage loss at (-15.73%)
Super Funds suffered the second-largest loss at (-5.6%)
The largest business model, Financial Planning (providing holistic advice) was stable and gained the most new licensees with 90, while 60 ceased.
*Note: The net loss of advisers shown is -157 and is different to the national view of -145. This is due to a few advisers being authorised at more than one licensee and fall into different business models. Similar variances affect the number of advisers current and at the start of the year.
Change by Business Models - Dashboard 6 Adviser Fast Facts
Change In Licensee Owners - By Rank and Adviser Numbers:
The charts below were created for this update. It highlights the licensee owners that started 2024 with 100 or more advisers and Licensee owners that ended 2024 with 100 or more advisers.
Key highlights:
AMP Group now part of Entireti - Entireti moved from 7th at the start of 2024 to first by end of 2024
The combined advisers of AMP and Entireti at start of 2024 was 1,239. At the end of 2024 it is at 1,147
Count Limited remain in second spot despite adviser numbers dropping from 746 to 671
Insignia were in third spot with 731 in Jan 2024. After moving out their self-employed advisers to Rhombus, they have now dropped to 13th spot with 221 advisers. Rhombus end the year in fifth spot with 490 advisers
Centrepoint leapfrogged WT Financial Group. Centrepoint started 2024 in fifth with 520 advisers and finishing in third spot with 559. WT Financial Group started in fourth spot with 560 and remained in fourth position with 520 advisers.
Picture Wealth bounced into the end of 2024 rankings at 19 with 127 advisers.
Licensee Owners 100 Plus Advisers - Jan 2024
Licensee Owners 100 Plus Advisers - Dec 2024
Organic Growth By Licensee Owners
The charts below highlight most and least growth for 2024. Please note, if a licensee(s) was purchased by a firm during 2024, the firm that purchased the licensee(s) will carry gains and losses for the full 12 months in the charts below.
Gains - Centrepoint tops the table by a net 39, followed by Finchley & Kent at 37 and Picture Wealth at 33.
Losses - Entireti with 92, the majority of losses recorded at AMP licensees prior to the deal in late 2024. Count with 75, the majority at Merit Wealth, a licensee that offers mostly restricted advice for SMSFs and WT Financial at 40.
Gains and Losses - Dashboard 4 - Adviser Fast Facts
New Entrants 2024 Versus 2023
The chart below shows the new entrants, by business model, that commenced in total and the numbers that are still current or ceased on the FAR. We have included 2023 for a comparison.
The chart shows that a grand total of 511 new entrants came onto the FAR during 2024 and currently (as of Jan 23, 2025) 484 are practising. For 2023, 407 commenced, 104 less than 2024. 364 are still practising today, indicates that some 10% of 2023 new entrants dropped off the FAR.
Not shown - Entireti hired the most new entrants in 2024 that are still current at 41, followed by Count Limited at 20 and WT Financial Group at 18.
New Entrants and Current 2023 / 24 By Business Model Dashboard 13 - Licensee Deep Dive
If you want more information on 2024, please call or email using the contact page.
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