Financial Adviser Insights, Oct 12, 2023
Adviser Numbers This Week, Net Change of +9, Moving Up From 15,692 to 15,701
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The roller coaster ride of what is the financial adviser market, turned positive this week by +9. This was driven by yet another solid week of new entrants at +16. Only the one new licensee and 1 ceased.
Key Adviser Movements This Week:
Net Change of advisers +9
Current number of advisers at 15,701
Net Change of (-97) for Calendar YTD
Net Change Financial YTD +142
29 Licensee Owners had net gains for 34 advisers
19 Licensee Owners had net losses for (-25) advisers
1 New licensee and 1 ceased
16 New entrants.
Number of advisers active this week, appointed / resigned: 75.
Growth This Week - Licensee Owners
Five licensee owners were up by plus 2 including:
Mancell Family Trust ( FYG Planners) claiming 2 advisers from different licensees.
Picture Wealth through their licensee Insight Investment Services picked up 2 advisers from Count Financial.
Morgan Stanley gained 2 new entrants.
Momentum Advice, picking up 2 advisers from different licensees
And Castleguard Trust (Lifespan), also claiming 2 advisers from different licensees.
A tail of 24 licensee owners up by net 1 each, many being new entrants. The list includes Insignia, Morgans, Centrepoint and Sequoia.
Losses This Week - Licensee Owners
Janus Financial lost (-3) advisers from their Akambo licensee.
4 Licensee owners down by net (-2) each, these being, Count Group, Fitzpatricks, Fortum and Navora which was reduced to zero advisers.
14 licensee owners down by (-1) including, Fiducian, AIA Company and Guideway.
Finding Advisers For Your Business
If you need to hire a new adviser, you generally have three options. 1) Start with a new entrant, 2) poach an existing adviser, or 3) find an existing qualified adviser who is available to work now. All three have their own pros and cons.
Looking at option 3, the advisers would normally have recently left a firm, and looking for a new start. Being proactive and looking for such advisers, can be complicated as when an adviser is ceased, their visibility is reduced, i.e. removed from websites. You can look up ceased advisers on the ASIC Financial Adviser Register (FAR). However, upon being ceased, much of their information such as qualifications and what they have been authorised to offer clients has been removed. In some cases, so are their recent work suburbs and states.
To help solve the problem, we have a developed a database that combines several past FARs to capture the advisers’ qualifications and other details when they were current on the FAR. To put this into perspective, we have created the video below. It has a focus on our new platform and demonstrates how you can sort and fine tune your search for ceased experienced advisers in Melbourne. Any questions, feel free to contact us and set up a time for a full demo.
If you only want to find advisers that are current, we can help you with that as well.
New Look - Adviser Fast Facts Dashboard
The Adviser Fast Facts dashboards are our most popular ‘go-to’ dashboards. Recently, we have been making enhancements to make it easier to use and allow users to get a significant amount of adviser market knowledge very quickly.
We have also just created an ‘alternate’ dashboard. This new view with show the movement of advisers in a chart showing size of licensee owner (or licensee) and movement of advisers over several given points of time. It can be quickly filtered by business model type and size of licensee owners.
For existing users, please have a quick look. For non-members who may want to have a full demo of all our dashboards and databases, please contact us for more information.
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