Financial Advisers Insights - 2023 Wrapped Up
2023 can best be described as ‘stable’ and an opportunity for many to breathe again, after a very difficult few years post 2018.
While overall numbers have been stable, the licensee space has been volatile with a continuation of new ‘micro AFSLs, mergers and takeovers. The data and images below have been created from our dashboards available to our members. If you haven’t joined our ‘Members Lounge’, you can join today with a 50% discount for the first month - click here for more information.
Total Adviser Movement
At a national level, the net movement was (-177) as shown in the chart below. This is a much lower number than the recent years preceding 2023. Net losses highlighted by Yellow line. Blue = Appointments and Red = Resignations. The number of advisers at the end of 2023 was 15,622.
Year-on-year change - Dashboard 6 Licensee Deep Dive
The chart below highlights the movement across our business models (peer groups). Key takeouts:
Only the Accounting - Financial Planning (firms that are owned by accounting groups and provide holistic advice) have grown. The growth was driven by new licensees, who in the past were generally practices aligned to larger licensees.
113 new licensees commenced. All but 2 of the new licensees have less than 10 advisers each. 63 have ceased.
The Accounting Limited Advice (restricted to SMSFs), had the greatest percentage loss at 8.63%.
Super Funds suffered the second-largest loss at (-5.17%)
The largest business model, Financial Planning (providing holistic advice) was stable but did gain the most new licensees with a net 55, as 95 commenced and 39 closed.
*Note: The net loss of advisers shown is -166 and is different to the national view of -177. This is due to a few advisers being authorised at more than one licensee and fall into different business models.
Change by Business Models - Dashboard 3 Adviser Fast Facts
Change In Licensee Owners - By Rank and Adviser Numbers:
This chart below was created for this update. It highlights the licensee owners that started 2023 with 100 or more advisers and how many advisers they had at the end of 2023.
This chart has been created to highlight the changes in regard to the key acquisitions that occurred during the year including; Fortnum / Aus Unity, WT Financial Group acquiring Millennium 3 from Insignia, Count Limited acquiring Affinia (TAL). The numbers also take into account the organic growth /losses.
The data shows that AMP finished the year as the largest, leapfrogging Insignia who suffered more organic losses (see next chart) and the sale of Millennium 3 to WT Financial Group.
Fortnum had both the largest positive change in advisers of 157, plus the greatest change in rank, up 8 places to 6th from 14th. WT Financial had the next largest increase in advisers at 92 and a positive rank change of 1.
Change to Licensee Owners That Started 2023 with 100 or More Advisers
(Chart available upon request)
Organic Growth By Licensee Owners
The chart below differs from what is showing above, as it monitors organic growth. The data implies that any firm acquired, is merged into the new firm along with its past history. The data shows that Sequoia had the greatest growth at 27, followed by Shaw and Partners, and Castleguard (Lifespan), both at 21.
Insignia suffered the greatest loss at (-136) and does not include losses associated with Millennium 3. WT Financial group is next at (-59) and includes losses for the year at Millennium 3. AMP Group next at (-52).
Gains and Losses For 2023 with Acquisitions Merged Into the New Owner
Dashboard 2A Adviser Fast Facts
New Entrants 2023
The chart below highlights the new entrants that commenced and still current at year’s end. The total number is 381. This represents 2.43% of all current advisers. The Financial Planning business model appointed 265 or .2.55% of their current advisers. Super Funds might surprise some readers, at only 11, or 1.54% of their current advisers.
New Entrants and Current 2023 By Business Model
If you want more information on 2023, please call or email using the contact page.
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