Financial Adviser Insights, July 20, 2023
Adviser Numbers This Week Were Flat - Zero Growth Staying At 15,707
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The net change was flat at zero. However, 71 advisers were involved in resignations / appointments.
Key Adviser Movements This Week:
Net Change of advisers, zero
Current number of advisers at 15,707
Net Change of (-90) for Calendar YTD
Net Change new Financial YTD +134
24 Licensee Owners had net gains for 30 advisers
17 Licensee Owners had net losses for (-30) advisers
1 New licensee and zero ceased
9 New entrants
Number of advisers active this week, appointed / resigned: 71.
Growth This Week - Licensee Owners
Count Group up by net 3, with Count Financial appointing 4 advisers, 3 of which came from Fitzpatricks, 1 new entrant and losing 1 adviser.
Four licensee owners up by net 2 each, including TFG Australia, with both advisers coming across from FYG Planners. My Plan Financial Planning with both advisers from Alliance Wealth, owned by Centrepoint and Sequoia who are now up by 17 as a group for the new financial year.
19 licensee owners up by net one including Shartru, AMP Group, Minchin Moore, Boyce and the lone new licensee.
Losses This Week
Insignia dominated the losses by being down (-7), losing (-8) and gaining 1.
Fitzpatricks down by (-4) with losses to Count noted above
FSSP Financial (Aware Super), down (-3)
Blue Rock and Capstone both down by (-2). One of Capstone’s losses was an adviser commencing his own AFSL
12 licensee owners down by (-1) each including Ord Minnett, WT Financial Group and Diverger.
Advisers by State Capital CBD - See Dashboard 12 of Licensee Deep Dive
The spread of advisers, who are based in or out of each state capital CBD, varies greatly from one business model to the other. The busy table below highlights the following; noting the blue bar is for advisers in the CBD and grey bar for all other advisers. Note: The data used CBD post codes.
ACT advisers not surprisingly had the highest percentage of CBD advisers at 58% (see Grand Total, Right Column), NSW, VIC, QLD and WA were reasonably similar hovering between 29% for QLD and 34% for NSW.
At the business model level, we see that the Investment Advice model in each state has more than 50% of its advisers based in the CBD. The Financial Planning model is not so concentrated with all states having less than 50% of its advisers in the CBD, with three states, VIC, QLD and WA all less than 20%
Advisers by state and by Business Model - Located in or out of the state capital CBD
The superannuation funds model, made up of advisers who are mostly linked to industry and other large super funds, makes for the most interesting reading. The super fund advisers are heavily concentrated in the CBDs, with all states bar NSW being over 70%. This is due to a concentration of advisers, many being telephone based advisers, co-located in the CBD offices of the super funds.
It was suggested this week by Minister Stephen Jones, that the number of advisers could get up to around 30,000 off the back of super funds. Currently, advisers directly linked to super funds only make up 732 of the 15,707 advisers, and since Jan 1, 2022 have gone back by (-10.4%), versus (-8.42%) of all advisers. For such growth to occur, it would almost certainly require a much larger portion of advisers to be on the ground where their (super fund) members are based. Some industry funds have set up agreements with external advisers, and this may well be the only strategy for the future growth of advisers.
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