Financial Adviser Insights, Sep 28, 2023
Adviser Numbers This Week, Net Change of +31 Moving UP From 15,679 to 15,710
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A good week of growth at plus 31, wiping out last week’s losses of (-30). The week was dominated by new entrants at 19. Last week we had 10, taking the total to 29 since the latest Financial Adviser exam results were released.
Key Adviser Movements This Week:
Net Change of advisers 31
Current number of advisers at 15,710
Net Change of (-88) for Calendar YTD
Net Change new Financial YTD +149
45 Licensee Owners had net gains for 55 advisers
18 Licensee Owners had net losses for (-24) advisers
4 New licensee and 0 ceased
19 New entrants
Number of advisers active this week, appointed / resigned: 75
Growth This Week - Licensee Owners
A new licensee commenced with 4 advisers after being previously authorised at Infocus
Unisuper up by 3, all 3 advisers coming from different licensees
Castleguard Trust (Lifespan) also up by 3, all being new entrants
Three licensee owners up by plus 2 each including The Trustee for Armstong … Family Trust (Coral Coast Advice), gaining both advisers from Consultum. AIA gaining 2, both from different licensees and one of those advisers after a break from financial planning.
A very long tail of 37 licensee owners, up by 1 adviser each, many due to gaining new entrants.
The remaining 3 new licensees all started with one adviser each.
Losses This Week - Licensee Owners
Steinnhardt Holding (infocus) down by (-4). As mentioned above, lost a practice who have commenced their own AFSL
Thee licensee owners down by (-2) each including Industry Super Holdings and Insignia.
14 licensee owners down (-1) each, including Count, Capstone and AMP Group.
SMSF Data - Now Updated and In The Members Lounge
The ATO released their latest SMSF data earlier this week, taking the data to June 30, 2023. With the SMSF data from the ATO, there is a ‘lag’ in the data, and much of the release is to do with updating previous quarters.
We have released a post highlighting key data points and trends. We also provide an overlay of our adviser data which highlights how the decline in adviser numbers have boosted SMSF opportunities for the current advisers.
To read the post, click on the link below.
How Many Financial Advisers?
Last week, we received a few inquiries in regard to the Count Group buying Diverger. Most of the releases stated Diverger had some 200 advisers. However, a quick look at the ASIC FAR (and our data) states that Diverger have some 390 advisers. Count did clarify that the 200 number related to ‘holistic’ advisers.
A closer look at our data, will show that many of the advisers at Diverger are restricted in the advice they can give. For example, Diverger licensee Merit Wealth, only 12% of their advisers can give investment advice via an IDPS (WRAP) and its at 79% for its GPS licensee. The details can be found at Licensee Deep Dive dashboard 4A. We also provide this level of detail in our AFSL Database.
As highlighted a few weeks ago in the Financial Adviser insights Aug 31, 2023 - The number of advisers that can offer investment advice was at 14,058. That data was from dashboard 9A and today’s total is 14,070. For Risk Insurance, the total number of advisers is only 12,970.
Did you see our Adviser Gross Revenue Post?
If you missed it, click on the link below.
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