Financial Adviser Insights, Oct 19, 2023
Adviser Numbers This Week, Net Change of +1, Moving Up From 15,701 to 15,702
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A quieter week in the financial adviser market this week. Net movement was up by +1, with 9 new entrants offsetting losses. Zero new licensees commencing or being ceased - very rare for this to happen.
In this post, we take a look at the calendar YTD results, (see below) noting key adviser movements and trends.
Key Adviser Movements This Week:
Net Change of advisers +1
Current number of advisers at 15,702
Net Change of (-96) for Calendar YTD
Net Change Financial YTD +144
21 Licensee Owners had net gains for 28 advisers
23 Licensee Owners had net losses for (-27) advisers
Zero New licensees and zero ceased
9 New entrants.
Number of advisers active this week, appointed / resigned: 64
Growth This Week - Licensee Owners
Australian Retirement Trust (ART) up by 3. All 3 advisers coming from different licensees and none of the licensees were super fund based
Five licensee owners were up by net 2 each, including:
Count Group hired 3 and lost 1 all at Count Financial licensee. Of the 3 that were hired, 2 were advisers moving across from their Affinia licensee, which did not occur in the same week of reporting. The other adviser came across from Godfrey Pembroke
Shaw and Partners gaining 1 adviser from Ord Minnett and one new entrant
Castleguard Trust (Lifespan), 1 adviser who was previously at Matrix back in Feb 2023 and 1 from Verse Wealth
AIA Company gaining 1 adviser from LFG Financial and the other adviser combing back into advice after leaving back in 2019
Advice Evolution with both advisers coming across from Superfast AM
A tail of 15 licensee owners up by net 1 each including, AMP Group, Insignia, Fiducian and Fortnum.
Losses This Week - Licensee Owners
Four licensee owners down by (-2) this week, including:
Fitzpatricks Group losing 2 advisers who are currently showing as ceased. However, it would appear that they will reappear on the ASIC FAR soon
Picture Wealth Group, both advisers not showing as being appointed elsewhere
Superfast AM, as mentioned above, 2 advisers moving to Advice Evolution
WT Financial Group, 1 being appointed at ‘Zuppe International’ and the other not appointed elsewhere to date.
19 licensee owners down by net (-1) each including Aware Super, PSK, Sequoia, and Ord Minnett.
Calendar Year To Date - Key movements
Overall, the calendar YTD results can be best described as ‘steady’ when compared to 2023. The chart below, taken from Dashboard 1A of Adviser Movement Fast Facts, shows that the net loss of advisers YTD is (-96) which is significantly less than the (-1,288) for the same period in 2022. The losses in 2022 were mostly due to the effects of advisers not passing / or attempting the Financial Adviser exam.
Analysis shows that Licensee Owners who started the year 100 or more advisers, their losses are at (-261). As for the Licensee Owners who commenced with between zero (new) and less than 20, this sector is up +208. (This data taken from dashboard 3 of Adviser Fast Facts and not shown below).
As for new and ceased licensees, there have been 89 new licensees, which is some 77% of the 2022 number of 116. However, the number ceased is significantly less at (-47) versus (-337) for 2022. The 2022 results dominated by the losses in the Accounting - Limited Advice (SMSF Admin advisers) peer group. Of the 337 that ceased, 198 belonged to that sector and in 2023 it is only at 9.
The chart below also shows which Licensee Owners have gained / lost the most advisers. Sequoia out in front, followed by Zurich. Losses dominated by Insignia with a large drop to AMP, WT Financial Group and The Financial Link Group who own Nextgen.
Dashboard 1A of Adviser Fast Facts
New entrants (see chart below) have helped keep the numbers steady, with 327 new entrants YTD. For the same period 2022 YTD it was 242 (and still current today). The Financial Planning model has hired the most at 226 which represents 2.16% of all current advisers. The Accounting - Financial Planning model has the highest percentage at 3.49%.
AMP group have hired the most new entrants at 24, representing 2.74% of its current advisers. Insignia at 16 or 1.69% of all current advisers. No other licensee owner in double figures. Evans Dixon who have 90 current advisers have hired 7 new entrants representing 7.78% of their current advisers.
Dashboard 8 of Licensee Deep Dive - New Entrants
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