Financial Adviser Insights, Dec 14, 2023
Adviser Numbers This Week, Net Change of Zero Remaining At 15,670
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AMP Group are once again the largest business as measured by the number of financial advisers. AMP leapfrogged Insignia after WT Financial Group secured the Millennium 3 AFSL from Insignia*. More below. Note that when a sale or merger takes place, we do not show the deal directly in the weekly updates.
Key Adviser Movements This Week:
Net change of advisers at Zero
Current number of advisers at 15,670
Net Change of (-128) for Calendar YTD
Net Change Financial YTD +114
24 Licensee Owners had net gains of 32 advisers
22 Licensee Owners had net losses for (-33) advisers
2 New licensees and 1 ceased Note: If you would like to access a list of closed licensees, please contact us.
5 New entrants.
Number of advisers active this week, appointed / resigned: 73
Growth This Week - Licensee Owners
Shaw and Partners picked up another 5 advisers, 3 from Morgan Stanley and 1 each from Macquarie and Ord Minnett
A new licensee commenced with 3 advisers
Count Group up by net 2, with both advisers from Consultum owned by Insignia
Alexander McWilliams (True Wealth Financial Group), with 2 advisers coming back after a break
A tail of 20 licensee owners up by net 1 each including Spark Partnership Group, Findex, Centrepoint and the remaining new licensee
Losses This Week - Licensee Owners
Australian Investment and Insurance Group down (-4) advisers. They have now lost 7 in the last few weeks
Insignia also down (-4), with 2 joining Count and the other 2 yet to be reappointed
Euroz Hartleys Group down by (-3), none showing as being appointed elsewhere to date
Clime Group, LFG and a small licensee Four Points Financial owned by David Meek all down by (-2)
16 licensee owners down by (-1) each including Diverger, Minchin Moore and Fiducian
Largest Licensee Owners
This week, we have included Millennium 3 (M3) as being owned by WT Financial Group. The ASIC Financial Adviser Register (FAR) is still showing Insignia as the M3 owner. However, a formal announcement was made at the ASX that the deal completed this week. Licensees have 30 days to update the ASIC FAR.
As a result of the deal, AMP Group leapfrogged insignia to be the largest business, as measured by the number of financial advisers. WT Financial Group move up one spot to third position.
Both AMP and Insignia have lost a significant number of advisers over recent times. To put this into context, when Insignia (then IOOF) announced that they entered into an agreement with MLC on August 31, 2020, they indicated in their ASX announcement, that they would be the #1 advice business by number of advisers at 1,884.
Top 10 Advice Firms by Number Of Advisers - Dashboard 2 of Adviser Fast Facts
*When a deal with licensees completes, we merge the licensees into the new licensee owner and by default, the new owner also gets the history of movement associated with the licensee.
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