Financial Adviser Insights, July 13, 2023
Adviser Numbers This Week Increased By +8 From 15,699 to 15,707
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After a flurry of movement last week that affected some 275 advisers, this week we move back to some normality with 87 advisers affected, i.e. resigning or being appointed. We have still seen a few resignations backdated into last financial year, increasing the net loss by (-8), and is now showing a net loss (-607).
Key Adviser Movements This Week:
Net Change of advisers, up by +8
Current number of advisers at 15,707
Net Change of (-91) for Calendar YTD
32 Licensee Owners had net gains for 48 advisers
69 Licensee Owners had net losses for (-37) advisers
5 New licensees and (-2) ceased
13 New entrants
Number of advisers active this week, appointed / resigned: 87.
Growth This Week - Licensee Owners
Sequoia up by net 5. All advisers joining their main licensee Interprac. Three of the advisers coming across from MWL Group and 2 from RM Capital.
Diverger jumped back to 400 advisers, up by 4 advisers, with 3 joining GPS and 1 joining Paragem. All 4 advisers came across from different licensees
A new licensee commenced with 4 advisers. A practice leaving Viridian
Mercer up by net 3, all coming from different licensees
Castleguard Trust (Lifespan) also up net 3, and again all 3 from different licensees, with 1 adviser coming back after a break of some 3 years.
Two licensee owners up by 2 which included a new licensee and Fortnum, who picked up both advisers from Matrix, owned by Centrepoint.
25 licensee owners up by net +1, including PSK Group, Macquarie, Evans Dixon and Bombora.
Losses This Week
Viridian down (-4) after a practice commenced their own AFSL
RM Capital down (-2), as mentioned above, joining Sequoia
Mancell Family Trust (FYG Planners) also down by (-2), both advisers showing as ceased
27 license owners down (-1) including AMP Group, now sitting on 900 advisers, ANZ Bank and Insignia. Both closed licensees also down by (-1) each.
WT Financial Group also down by (-2), losing 3 and gaining 1.
A tail of 27 licensee owners down (-1) each including; AMP Group now down to 900 advisers, Centrepoint, Insignia, Perpetual and Picture Wealth.
New Licensees - By Business Models
The subject of new licensees keeps being brought up in the conversations I have with people involved across wealth, be they advisers, licensee management and service providers to advisers. The table below highlights the movement of advisers since July 1, 2022 to today, July 13, 2023. The dates cover the start of two financial years, which is a popular time to start new licensees.
The table shows that the Financial Planning model has created 115 new licensees and lost 50, almost 1 closing for every 2 opened. Next highest is Accounting - Financial Planning, opening 15 but only 3 closing, a ratio of 1 closing for every 5 starting. This model is made up of licensees that are owned directly by a business that also provides a range of accounting services.
The data also shows that this business model has grown the number of current advisers by 25, or 2.96%. It is not a big number, but the only segment in positive territory. What we have witnessed are many ‘practices’ that were under major licensees that often belonged in the Financial Planning model, are now commencing their own ‘Micro AFSL’.
Movement of Advisers and Licensees By Business Model - July 1, 2022 to July 13, 2023
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