Financial Adviser Insights, Sep14, 2023
Adviser Numbers This Week, Net Change of +9 Moving Up From 15,700 to 15,709
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The number of advisers increased by 9 in a slower week, with 58 advisers affected by some form of change. This week we also look into the gender mix for financial advisers.
Key Adviser Movements This Week:
Net Change of advisers +9
Current number of advisers at 15,709
Net Change of (-90) for Calendar YTD
Net Change new Financial YTD +144
27 Licensee Owners had net gains for 33 advisers
16 Licensee Owners had net losses for (-24) advisers
1 New licensee and zero ceased
4 New entrants
Number of advisers active this week, appointed / resigned: 58.
Growth This Week - Licensee Owners
The growth for many licensees this week was dominated by appointing advisers from the licensee Nextgen Financial Group, owned by The Financial Link Group. Nextgen lost (-13) advisers this week and (-10) last week.
WT Financial Group up by net 3. Hiring 4 advisers, 2 each at Wealth Today and Synchron, and losing 1 adviser at Synchron. The advisers all came from different licensees
Owner James Parame (Advisory Circle), up by net 3 and all three advisers gained from Count owned Affinia
Stellan Capital Group up by 2, both being new entrants
LFG Financial services maintains recent growth, with another 2 adviser this week. One more adviser from Nextgen and one new entrant
23 licensee owners up by net 1 each including, Oreana, Findex, Castleguard (Lifespan) and AIA Company. The one new licensee commenced with one adviser.
Losses This Week - Licensee Owners
AMP Group down a net (-4) advisers, losing 2 advisers from AMP FP and 1 each from Charter and Hillross
Count Group down by net (-3), losing 3 advisers as mentioned above. Note, another adviser switching from Affinia to Count Financial.
Three licensee owners down by (-2). Capstone losing 2 advisers to different licensees. Nextgen losing another 2 advisers after double figure losses over the last week. Togethr Trustees (Adviser for some Super Funds)also down by 2.
11 licensee owners down by (-1) each including; Insignia, Guideway, Picture Wealth and Zurich Financial.
Has the move of females into advice stalling?
Currently, our analysis indicates that 23% of all advisers that we track on the ASIC Financial Adviser Register are female.
Analysis of the gender balance across our ‘newest’ advisers, being classed as Provisional Advisers (PA), indicates that the proportion is increasing at 35% of all PAs. However, when we look across the past, we have seen a dip in female advisers post Jan 2019. This is when FASEA qualifications came to the fore and the fallout from the Royal Commission began to kick in.
Percentage and Number of Current Advisers by Gender
Chart from Members Lounge, Licensee Deep Dive, Dashboard 10A
The peak grouping for female advisers is at 31% for those who became an adviser between Jan 2013 and Dec 2018. For all advisers, including PAs post Jan 2019, the proportion has dropped to 28%, albeit on a much lower number of advisers. 606 male and 239 female. The drop may be surprising given the PA percentage is at 35%.
The adviser market boom leading up to the end of 2018 was driven by many factors, including banks hiring advisers, which used to have a higher proportion of female advisers to the market as a whole. Now, the only business models with more than 30% female advisers are Accounting - Limited Advice at 39% and Super Funds at 34%. Both of those models are small compared to the broader Financial Planning model, which is at 22% and Investment Advice at only 17%.
Note: The charts, at dashboard 10A, allow users a number of different measures.
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