Financial Adviser Insights, April 18, 2024
Adviser Numbers This week - Decreased by (-8), From 15,595 To 15,587
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Summary For The Week
A busier week with some 77 advisers affected and one licensee losing 10 advisers. Only two new entrants, the lowest number in a while. However, once the results come through from the March Financial Adviser Exam, we expect the numbers to improve.
Key Adviser Movements This Week:
Net change of advisers (-8)
Current number of advisers at 15,587
Net Change Calendar 2024 YTD (-29)
Net Change Financial YTD +32
20 Licensee Owners had net gains of 24 advisers
29 Licensee Owners had net losses for (-41) advisers
1 licensee recommenced (-3) ceased
2 New entrants.
Number of advisers active this week, appointed / resigned: 77.
Growth This Week - Licensee Owners
Centrepoint continues their growth story, up a net four advisers. Alliance Wealth gained four advisers and lost one. Three of the advisers came from different licensees plus one new entrant. Martix gained one adviser from Oreana.
Virtue Family Trust’s licensee, Amalgamated Financial Services, gained two advisers, both from Matrix
A tail of 18 licensee owners up by net 1 each including:
Morgans Group, Bombora, Capstone and the licensee that recommenced.
Losses This Week - Licensee Owners
Australian National Investment Group controlled by Troy Mahoney, down by (-10). The advisers had changed to a new licensee, B. Moses Investment Services a few weeks ago
Three licensee owners down by (-2) each:
Count Limited losing one adviser each at Count and GPS Wealth. Both advisers not showing as being appointed elsewhere
Insignia hired one adviser who had come back after a break since June 2022 and lost three advisers at RI Advice, none at this stage showing as being appointed elsewhere
Plan 2 losing two advisers, both not showing as being appointed elsewhere.
A long tail of 25 licensee owners down net (-1) each including:
WT Financial Group who gained two advisers at Synchron, but lost three at Millennium 3
AMP Group gained one adviser at Charter from Interprac, but lost two advisers from AMP Financial Planning who have not been appointed elsewhere
Viridian lost the one adviser who went to Alliance Wealth owned by Centrepoint
The three licensees that closed all lost one adviser each to go to zero advisers. Only one of the advisers has been reappointed and it is to another small AFSL.
Closed ‘Micro AFSLs’ - Recap
Last week’s segment on ‘Closed Micro AFSLs For The Financial YTD’ gained publicity across the financial planning media. The focus being that since the start of the current financial year, for every two new Micro AFSL, one closes.
The current calendar year highlights that it is getting closer to one-to-one, i.e. for every one commencing, one closes. Currently, 35 new licensees have commenced and (-32) have ceased for this calendar year. This week we saw another three cease. For the same calendar year to date period in 2023, it was 30 commenced and (-12) closed.
Over recent weeks, the number of licensees ceasing has been greater than the number commencing. For example, since Feb 1, 2024 to today, 25 ceased but only 19 commenced.
The financial year to date data benefited from a surge of new licensees that started in July 2023, with 22 commencing and only (-3) closing. The month of July in 2022 produced similar results of 20 commencing and (-4) closing.
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