Financial Adviser Insights, Feb 22, 2024
Adviser Numbers, Net Change of (-10), Moving From 15,644 To 15,634
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Summary for the week
A slower week with 81 advisers affected in some way. Net adviser numbers down by (-10). Six new entrants commenced, indicated that 16 more experienced advisers exited the ASIC FAR.
The next few weeks are expected to be volatile as Count formally swallows up Diverger and Godfrey Pembroke exits Insignia - More details below.
Key Adviser Movements This Week:
Net change of advisers (-10)
Current number of advisers at 15,634
Net Change of +21 for Calendar 2024 YTD
Net Change Financial YTD +80
26 Licensee Owners had net gains of 28 advisers
35 Licensee Owners had net losses for (-38) advisers
2 New licensees and 4 ceased
6 New entrants.
Number of advisers active this week, appointed / resigned: 81.
Growth This Week - Licensee Owners
Centrepoint continue their solid start to the year, up by another 2 and up by 14 YTD, making them the growth leaders YTD. They hired 3 advisers, including a new entrant, and lost 1 adviser.
A new licensee commenced with 2 advisers. The advisers moving away from Alteris Financial Group (CIP Licensing Limited)
A tail of 24 licensee owners are up by +1 each including WT Financial Group, Perpetual, Industry Super Holdings and Bannister Consulting.
Losses This Week - Licensee Owners
Three licensee owners down by (-2):
AAN Wealth Management, both advisers yet to be appointed elsewhere
Akela Ventures who are now down to zero advisers. Both advisers not appointed elsewhere
Alteris Financial Group - as mentioned above, both advisers opening their own AFSL
32 licensee owners down by (-1) each including Insignia, Diverger and Morgans Group.
More Free Tools - SMSF Statistics added to the List
Following on from last week addition of free tools, we have increased the list to include SMSF Statistics. We are expected a quarterly update over the coming days from the ATO and we will bring you the latest data for free.
The list of free tools is:
Adviser Movement - Weekly Dashboards
Client Segmentation Tool - Designed For Advisers
Super Funds Stats - Comprehensive data of all super funds
SMSF Statistics - key data as supplied via ATO
Adviser Market Landscape - Count To Leapfrog Insignia
Count this week announced that they will formally proceed with the acquisition of Diverger on March 1.
The number of advisers of the combined group was stated as being over 550 (and at 590 in their presentation for Dec 31, 2023). However, this does not include advisers who are restricted to SMSF. As of today’s data, the combined group will have a total of 729 of all types of advisers and 575 advisers who could be deemed as ‘holistic’.
Meanwhile, insignia announced today that Godfrey Pembroke is no longer part of the group. Godfrey Pembroke currently have 52 advisers. The total number of advisers at Insignia will drop to 727.
On the assumption that the above will proceed in the coming weeks, in total numbers, Count will leapfrog Insignia to be the second-largest group of advisers at 729, 142 behind AMP Group who have 871 and 2 advisers ahead of Insignia at 727.
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