Financial Adviser Insights, April 4, 2024
Adviser Numbers, Decreased by (-14), Moving from 15,609 To 15,595
Click Here To Access Basic / Free Adviser Dashboard
Need More Data?
Join our Members Lounge - Click Here For Membership Information -
First Month at 50% off - Use promo Code 50%Month1
Enter promo code 50%MONTH1 for 50% discount on first month Selecting 'YEARLY' cost is only $950
Summary For The Week
A busy week with 86 advisers being appointed / resigned as we enter quarter 2 of 2024 and the last quarter of the current financial year. The calendar year slips further into the red with a net loss of (-14) advisers this week and the total number of advisers dips below 15,600.
Key Adviser Movements This Week:
Net change of advisers (-14)
Current number of advisers at 15,595
Net Change Calendar 2024 YTD (-21)
Net Change Financial YTD +40
27 Licensee Owners had net gains of 33 advisers
33 Licensee Owners had net losses for (-49) advisers
1 new licensee and (-4) ceased
6 New entrants.
Number of advisers active this week, appointed / resigned: 86.
Growth This Week - Licensee Owners
A small licensee, Altitude Wealth Management owned by Amluta Pty Ltd, gained all three advisers from JGTSs Advice which effectively ceased, going down to zero advisers
Another small licensee owner, Adrians Capital also picked up three advisers, all three moving away from Morgans
WT Financial Group up by a net 2 advisers, picking up three advisers, all from different licensees and losing one adviser
Lifespan followed WT Financial group by also hiring three advisers and losing one. All three advisers moving across from Affinia now owned by Count Ltd
A tail of 23 licensee owners up by net 1 each including, Steinhardt Holdings (Infocus), Centrepoint Group and the one new licensee with an adviser who left FYG Planners.
Losses This Week - Licensee Owners
Count Ltd were down by (-8), with losses at four licensees. Not: Affinia is now down to just 1 adviser, with most now authorised at the Count licensee
Fortnum down by (-4), after hiring one and losing one at Fortnum Private, and losing four from Personal Financial Services licensee. Only one of the ceased is showing as appointed elsewhere.
Morgans down (-3), as mentioned above, advisers moving to Adrians Capital
The Trustees For Grasso Investments (JGTS Advice), down by (-3), also mentioned above
Ashford Financial Planning, down to zero advisers after losing the remaining two advisers
Fitzpatricks Group, down to 52 advisers after losing two advisers, with one of them joining Alliance Wealth owned by Centrepoint
A tail of 27 license owners down by net (-1) each including, Findex Group, Ord Minnett and Sequoia Group.
Financial Year To Date
We have now entered the last quarter for the financial year. The chart below, taken from the first dashboard of ‘Adviser Fast Facts’, (available to members), highlights some interesting contrasts when compared to the same period of time of the previous financial year.
Financial Year To Date - Dashboard 1A Adviser Fast Facts
Some key data points:
Note: The most growth / the least growth by licensee owners is based on the licensees that they currently own. The data ‘carries’ to the new owner, i.e. the new owner carries the history of licensees they now own, and the old owner, loses the history. Members can toggle between licensee owners and licensees in the data page highlighted below, and also see a more detailed breakdown at dashboards 1 and 2 of Licensee Deep Dive.
In the previous period, the net loss of advisers was (-318) - Most of this was driven by the final cut-off for passing the Financial Adviser Exam, for experienced advisers in Sept 2022
The number of new licensees that commenced is running much the same at 100 Vs 101. Ceased licensees are reasonably close too, at (-52) Vs (-65). Virtually all new licensees are what we now term as ‘Micro AFSLs’. For example, 49 of the new licensees currently only have one adviser. Members can see this data on Dashboard 3 of Adviser Fast Facts.
The top four growth licensee owners are firms that currently have 200 or more advisers. These are then followed by five small licensee owners, who despite the jump in growth, still have less than 40 advisers
As for least growth, Count Limited is at (-59) - Important to state that Count is carrying the losses for firms purchased, including Affinia and all licensees associated with Diverger
Two mid-tier firms are out of business, Financial Link Group (NextGen) and Crown Wealth. Between them, representing net losses of (-81).
AMP and Insignia are showing losses of (-40) and (-39) respectfully. However, in percentage terms, this is relatively low at (-4.44%) and (-5.06%) - See also Dashboard 3 for details.
New entrants (and still current on the FAR) is at 299. For the previous period, it is 283. Not a large differential, indicating that the pace of new entrant growth has stabilised.
Gross Earnings Of Financial Advisers
This week, we highlighted the average gross earning by financial advisers who are authorised at several ASX listed companies covering some 3,600 advisers. The good news for advisers is that the revenue is trending upwards and most of the firms saw their averages increase - All the details in the link below.
Join The Members Lounge Today - First month at 50% discount - simply use the Promo Code 50%MONTH1 to obtain your discount.
Note: You can join and exit without any minimum monthly limits. This will give you full access to all our tools, dashboards and databases
