Financial Adviser Insights, Nov 9, 2023
Adviser Numbers This Week, Net Change of (-8), Moving Down From 15,690 to 15,682
Click Here To Access Basic / Free Adviser Dashboard
Need More Data?
Join our Members Lounge - Click Here For Membership Information -
Enter promo code 50%MONTH1 for 50% discount on first month Selecting 'YEARLY' cost is only $950
This week saw a net drop of (-8) advisers, despite 8 new entrants. This indicates that 16 experienced advisers exited the field. Six new licensees have started operations, brining the total to 14 over the least 3 weeks.
Key Adviser Movements This Week:
Net Change of advisers (-8)
Current number of advisers at 15,682
Net Change of (-117) for Calendar YTD
Net Change Financial YTD +122
23 Licensee Owners had net gains for 29 advisers
22 Licensee Owners had net losses for (-34) advisers
6 New licensees and zero ceased
8 New entrants.
Number of advisers active this week, appointed / resigned: 67
Growth This Week - Licensee Owners
Six licensee owners increased by net 2 each:
Shaw and Partners with one new entrant and an adviser from Wilson Advisory
Rodney James Hayes - Boston Wealth with advisers from GPS Wealth, part of Diverger
Concord Licensee Services with advisers from Charter owned by AMP
Alman Partners with an adviser each from Spark Advisers and Conultum owned by Insignia
Two new licensees - details given to Members
17 licensee owners up by net 1 each, including the remaining 4 new licensees, Clime Group and AMP Group.
Losses This Week - Licensee Owners
Financial Link (NextGen) is now close to be closed with the loss of (-5) advisers, leaving only 4 at the licensee
Capstone down by (-3), losing advisers to new Micro AFSLs
Philborne Pty Ltd (Dirigere Advisory) down by (-3). All advisers currently showing as ceased, but we expect them to reappear soon.
5 licensees down by (-2) each including Findex, Picture Wealth, Mancell Trust (FYG PLanners) and Diverger.
15 licensee owners down by (-1) each including Centrepoint, WT Financial and Australian Unity.
What is a Micro AFSL?
I can’t say for sure, but I think we coined the term ‘Micro AFSL’. It was a simple way to describe the typical new licensee (AFSL) that we see each week being created, with another six this week alone. The ‘Micro’ represents the fact that they are very small in terms of the number of advisers attached to the licensee. In our opinion, this helps to differentiate from ‘self licensed’ which is also often used. The term should not be considered as representing a different AFSL to any other AFSL, i.e. may have special privileges or is restricted in any way whatsoever.
To put this into perspective, 103 new licensees have commenced this year (with current advisers), only 4 have 10 or more advisers while 95 have 5 or less.
Coming Soon: Financial Advisers Client Base - Current and Target
We’re getting close to a soft launch of a dynamic tool that helps an adviser to visualise their current clients base and, with a few tweaks, project what that client base could be. For example, when putting in a strategic plan, you can see what the target client base would look like, broken into key segments, highlighting revenues, adviser time and a ‘before and after’ snapshot.
The images (and supporting data) can easily be integrated into your strategic plan for your own use and that of any stakeholders. We believe the tool will be ideal for advisers who need to better understand their client base, along with practice managers and consultants who work closely with advisers.
In this snapshot, one of many that is generated, it shows in the top chart the number of clients decreasing from 100 to 85, with the removal of all ‘D Clients’ and boosting a small number into other segments. Total revenue, middle chart, has increased by variance of +$57,980. Bottom chart shows that the weekly hours worked by the adviser, on all clients, has increased slightly.
If you want a sneak preview, please let me know by visiting our Contact Us Page - It would be great to get your feedback to help us finalise the design.
Have a great week and checkout the
Members Lounge for all of your data needs - Click on box below
