Financial Adviser Insights - Fin Year 2023 Wrap Plus Weekly Change
Adviser Numbers This Week Decreased By (-33) From 15,732 to 15,699
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What’s in This Week’s Update
As the data covers last financial year, we have split the summary key data points between the last financial year and this week.
A total of 275 advisers were included in the data this week as either being appointed, resigned or switched. This is about 200 more than usual.
Key Adviser Movements - Financial Year 2022/23
This week’s data crossed over the financial years. The data included the last two working days of June and the first three working days of July. The data should be seen as preliminary, as not all licensees would have updated their data (they have 30 days to report).
Net change in advisers (-599). Starting at 16,183 and closing out at 15,584. A change of (-3.70%). For perspective, the previous financial year was down by (-2,763) or (-14.58%).
125 new licensees commenced and 88 closed. In our Financial Planning business model, it was 102 new licensees and 51 closed.
*Technically, Viridian Group had the greatest growth of licensee owners at +25 advisers. However, this was mostly due to closing and opening a licence at the end and start of the previous fin year.
Strongest growth - MBS Advice, a new licensee, had the strongest growth at 18, followed by PSK at 16, Fortnum and ASV Holdings both up +14.
Least growth - a dead heat at (-136) each for AMP Group and Insignia. WT financial Group at (-97) in third spot.
Number of New Entrants and current - 373
Advisers resigned and ceased - 1,429. The balance of 457 advisers, between new entrants, ceased advisers and the negative loss of (-599), is made up of advisers coming back into advice.
An alternate way to view the loss is to take away the new entrants, and this would see a net loss of 972 (599 plus 373) experienced advisers.
A summary of last financial year - See notes above re *Viridian
The Start of 2023/24 Financial Year
Only three days into it, the most notable change is 11 new licensees, and a positive start of 115 Advisers. Insignia making a strong start of plus 20 despite a week of losses (see more below).
Key Adviser Movements This Week:
The movement this week were dominated by the switching of advisers. Below are the key data points.
Net Change of advisers, down by (-33)
Current number of advisers at 15,699
Net Change of (-99) for Calendar YTD
63 Licensee Owners had net gains for 93 advisers
69 Licensee Owners had net losses for (-128) advisers
12 new licensees and (-5) ceased
24 New entrants - Highest one week total
Number of advisers active this week, appointed / resigned: 275.
Insignia dropped to below 1,000 advisers - down to 997
AMP Financial Planning, the largest individual licensee, dropped below 500 to be at 495
Growth This Week
Vivid Financial Planning was up net 5 taking the total number of advisers to 14. Advisers coming across from Gold Financial, which is now down to zero advisers
PSK up by net 4, picking up Lisa Kovaks licensee which is now ceased (zero advisers)
A new licensee commenced with 4 advisers and BYB Wealth Management also up by 4 with advisers moving across from Insight Investment Services now owned by Picture Wealth
Sequoia up by net 3
15 licensee owners up by net 2 including Zurich, Fortnum and Castlegurad Trust (Lifespan). 4 new licensees commenced with 2 advisers
43 licensee owners up by net 1 each including Shaw and Partners, Morgan Stanley and Centrepoint. The six remaining new licensees commenced with 1 adviser each.
Losses This Week
Insignia had a very busy week, down (-16) for the week but up 20 for the new financial year. Some of this is due to advisers switching from Lonsdale to Consultum. Lonsdale now has just 8 advisers.
AMP Group down (-8), losing 11 and gaining 3, two gains being new entrants
Picture Wealth down (-7) after losing 5 at Insight Investment Services and 1 each at Futuro and NEO
Gold Financial, losing all 6 advisers and now down to zero
Findex down by (-5)
Three licensee owners down by (-4) including Diverger and the now closed licensee Lisa Kovaks
Ned Scheips (Respect Financial) down (-3)
Eleven licensee owners down (-2) including Clime Group, Mercer and Politis
A tail of 49 licensee owners down by (-1) each including Evans Dixon, Oreana, Viridian Group and Fitzpatricks.
In summary, a very busy week and the weeks ahead will finalise the numbers for last financial year.
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