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Financial Adviser Insights, April 11, 2024

Adviser Numbers This week- NO CHANGE, Remaining At 15,595

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Summary For The Week
A quieter week with only 57 advisers affected by resignations / appointments. Net change was zero. However, AMP and Count lost a net (-5) advisers each. 

This week, we look at small ‘Micro AFSLs’ closing - and how many of the advisers associated with them are still current.

Key Adviser Movements This Week:

  • Net change of advisers zero

  • Current number of advisers at 15,595

  • Net Change Calendar 2024 YTD (-21)

  • Net Change Financial YTD +40

  • 21 Licensee Owners had net gains of 25 advisers

  • 16 Licensee Owners had net losses for (-26) advisers

  • 1 new licensee and (-2) ceased

  • 4 New entrants.

  • Number of advisers active this week, appointed / resigned: 57.

Growth This Week - Licensee Owners

  • Sequoia Group bounced back after some recent losses with a net gain of three advisers. Through their Interprac licensee they hired four advisers, all from different licensees and lost one adviser who is not showing as being appointed elsewhere.

  • A new licensee commenced with two advisers. The founder is ex Havana Financial Services and the other adviser coming back into advice after a break of some five years.

  • Morgans Group also up by net two advisers, with one adviser coming back after leaving Morgans for a month, and appointing a new entrant

  • 18 licensee owners were up by net one each including:

    • WT Financial Group who hired the last remaining adviser at Affinia and another adviser from RI Advice, and lost one adviser to Interprac.

    • Cobalt Advisers and Beryllium Advisers, who work closely together, both up net one each. Cobalt getting their adviser from Fortnum and Beryllium gaining their adviser from United Global Capital. Over the last 12 months, Cobalt is up by five advisers and Beryllium is up by 12.

Losses This Week - Licensee Owners

  • Count Ltd were down by (-5), losing six advisers and hiring one. Of the six that left, only one is shown as appointed elsewhere. As noted above, Affinia is now down to zero advisers.

  • AMP Group lost five advisers, only one at this stage being appointed elsewhere

  • Bannister Consulting (Sira Group Lic), down by two, with one adviser commencing his own AFSL a couple of weeks back

  • Fortnum also down by two, both not showing as being appointed elsewhere

  • A small tail this week of only 12 licensee owners down by net 1 each, including Centrepoint, Lifespan and Viridian Group.


Closed ‘Micro AFSLs’ - Financial Year To Date
Over recent times, we have seen one AFSL close for every two that commence. For example, in the current financial year to date, we have seen 101 commence and (-54)  cease. This does raise the question as to what happens to advisers who once belonged to an AFSL that closed.

The analysis below is based on the 46 AFSLs that closed, who started the financial year with five or fewer advisers.

The chart shows that 75 advisers were affected. The majority are in our Financial Planning business model with 29 AFSLs closed affecting 53 Advisers.

Closed Micro AFSLs - July 1 2023 To April 11, 2024

The next chart shows that of the 75 advisers affected by the closures, a total of 38 are still current on the ASIC FAR. The majority of 24 are in the Financial Planning model.

Only 12 advisers are authorised under licensee owners who have 20 or more advisers. (11 in the Financial planning model and 1 in the Investment Advice model).

Ten have remained in AFSLs whereby the licensee owners has between 1 and 5 advisers. The balance of 16 are in AFSLs of greater than 5 and less than 20.

The data indicates that most advisers, who have been in a small licensee, tend to stay in a small licensee.

Advisers of ceased Micro AFSLs and Current on the ASIC FAR


Gross Earnings Of Financial Advisers - Posted March 2024
Average gross earnings 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.

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