Financial Adviser Insights, July 27, 2023
Adviser Numbers This Week Increased By +8 up from 15,707 to 15,715
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A rather slow week with only 45 advisers affected in some way, about half of the usual number.
Key Adviser Movements This Week:
Net Change of advisers, up by +8
Current number of advisers at 15,715
Net Change of (-83) for Calendar YTD
Net Change new Financial YTD +143
18 Licensee Owners had net gains for 23 advisers
14 Licensee Owners had net losses for (-17) advisers
2 New licensees and 1 ceased
5 New entrants
Number of advisers active this week, appointed / resigned: 45.
Growth This Week - Licensee Owners
A new licensee had the highest growth at +4 after moving away from Lonsdale, part of Insignia.
Perpetual up by 2. Gaining one adviser from AAN Wealth and the other from Madison, owned by Clime
ASVW Holding also up by 2, both being new entrants.
15 licensee owners up by 1 each including; WT Financial Group, Sequoia, HESTA and the other new licensee.
Losses This Week - Licensee Owners
AMP Group down by (-2) and taking their total number of advisers to below 900, to be now at 899.
A small licensee closed with the loss of 2 advisers
Telstra Super also down by (-2)
11 licensee owners down by (-1) including Australian Unity, Clime Group, Count Group, Oreana and Steinhardt Holdings (Infocus).
Net Transfers - Industry Funds to SMSF
Last week we looked at the percentage of advisers based in state capitals and focused on advisers who are authorised by large, mostly Industry super funds. The super funds had a high rate of advisers in the state capital CBDs, with rates in excess of 70% for most states - See last week’s blog post.
A potential consequence of a high concentration of advisers in the CBD, may be that many of the super fund members will seek advice closer to home for large decisions, such as retiring from the workforce. And thereafter, placing funds in SMSFs via local advisers. While it is difficult to prove this theory without further research, it can be seen from the chart below, that Industry Funds have almost every quarter lost a large amount of funds to SMSFs.
This is based on ‘Net Transfers’. As the chart shows, a couple of quarters has seen a positive transfer into Industry based super funds. The transfers (from all super funds) are basically keeping SMSFs ‘ticking along’ at about 26% of the superannuation market.
Quarterly Net Transfers of Funds from Industry Super Funds to SMSFs
Chart Available Super Funds APRA Level Review - Dashboard at Members Lounge
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