Financial Adviser Market Insights, Dec 12, 2024
Adviser Numbers Increased By 3, Moving From 15,504 to 15,507
Click Here To Access Limited Free Adviser Dashboard
Weekly Summary
Morgans Financial became the largest individual licensee with 430 advisers, surpassing AMP Financial Planning, by one, who had held the top spot since ASIC records began.
Three new licensees started, with none ceasing and a net change of plus three advisers. Twelve new advisers began their roles in the week following ASIC's announcement of the November Financial Adviser Exam results. More details on the exam and its potential impact on final figures are below.
Need More Data?
Join our Members Lounge - Click Here For Membership Information -
First Month at 50% off - Use promo Code 50%Month1
Key Adviser Movements This Week:
Net change of advisers +3
Current number of advisers at 15,507
Net Change Calendar 2024 YTD (-118)
Net Change Financial YTD +164
18 Licensee Owners had net gains of 22 advisers
16 Licensee Owners had net losses for (-19) advisers
3 new licensees commenced and none ceased
12 New entrants
Number of advisers active this week, appointed / resigned: 65.
Growth This Week - Licensee Owners
Four licensee owners up by two:
Entireti Limited A busy week for the group. The positive movement was due to two advisers switching to Personal Financial Services from Havana Financial Services, owned by O & Z Pty Ltd. In addition, thirteen advisers switched (internally) from Personal Financial Services to Fortnum, hired one new entrant and lost one AMP Financial Planning adviser.
Bell Financial with both being new entrants
AD Financial Services, one new entrant and one advisers gained from Samuel Allgate Investments
A new Licensee commenced with advisers from Advice Evolution
14 licensee owners up by net one each including Templestone Financial Services, Ord Minnett Group, Lifespan and the remaining two new licensees.
Losses This Week - Licensee Owners
Three licensee owners down by two each:
Independent Financial Advisers Australia, both advisers left to commenced their own licensee detailed last week
O & Z Pty Ltd (Havana Financial Services), both advisers joining Personal Financial Services attached to Entireti
Rhombus, one adviser leaving Consultum to join Nextplan Financial and one leaving RI Advice who is yet to be appointed elsewhere.
A tail of 13 licensee owners down by one each including Alteris Financial Group, Infocus and WT Financial Group.
Financial Adviser Exam Results - Impact on 2024 End of Year Data
This week ASIC released the data on the Financial Adviser Exam that was held in November. The results were very positive and a big improvement on the previous exam. In total 225 advisers passed the exam. 2024 proved to be much better than 2023 in all key measures.
We have written a post on the exam results and can be accessed on the link below.
Will 2024 Be Positive for the Adviser Market?
Many candidates who passed the exam are expected to join the ASIC FAR soon. But will this be enough to end the year on a positive note?
December is a volatile month. Typically, many advisers resign for retirement or to join new licensees in the new year.
Comparing data from December 1 this year to 2023, the net loss for 2024 is (-126), versus (-151) for the same period in 2023 - an improvement of 25 advisers. 2023 ended with a net loss of (-187), losing an additional (net) 36 advisers from the December 1 date.
In December 2023, 145 candidates passed the exam. For 2024, it starts with an additional 25 advisers (as of December 1) and 80 more candidates passing the exam - a potential improvement of 105 advisers.
This suggests that if December 2024 resignations are similar to 2023, the year may end in negative territory by around 80 advisers. However, past results may not always be reliable, and resignations could slow, potentially making 2024 a positive year.
Additionally, there are currently 4,557 'advisers/candidates' who have passed the exam but are not practising. If some of them return to advice, the numbers could turn positive quickly.
Need more data? - Do you need to know more about the new licensees? Need to access databases? Simply click on the link below and find out what we can offer at the Members Lounge