Financial Adviser Market Insights, Dec 5, 2024
Adviser Numbers Decreased By 9, Moving From 15,514to 15,505
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Weekly Summary
The number of advisers dropped by nine this week. Three new licensees commenced, four ceased. Five new entrants / advisers came onto the ASIC Financial Adviser Register (FAR).
Entireti Takes Top Spot
AMP and Entireti confirmed their partnership on December 2, 2024. Former AMP licensees and jigsaw (services for self licensed advisers), are now in a holding company temporarily named 'New Co,' with Entireti holding 70% and AMP 30%. The ASIC FAR has not yet reflected these changes.
Following the announcement, we updated our dashboards and databases to show Entireti as the owner of the former AMP licensees. This makes Entireti the largest licensee owner with 1,170 advisers, followed by Count with 672 and Centepoint with 559.
Note: Our data excludes self-licensed advisers using services from licensee owners. For instance, Jigsaw, involved in the deal, had 127 advisers as of June (according to the AMP Investor Presentation on August 8, 2024), but these advisers are not included in our data or the ASIC FAR.
Top Ten Licensee Owners - As of Nov 5, 2024
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Key Adviser Movements This Week:
Net change of advisers (-9)
Current number of advisers at 15,505
Net Change Calendar 2024 YTD (-120)
Net Change Financial YTD +162
20 Licensee Owners had net gains of 25 advisers
25 Licensee Owners had net losses for (-36) advisers
3 new licensees commenced and (-4) ceased
5 New entrants
Number of advisers active this week, appointed / resigned: 67.
Growth This Week - Licensee Owners
Centrepoint up by four. Two advisers switching from a small licensee, WRS Licensee Pty Ltd which is now ceased (at zero advisers). Centrepoint also captured one adviser from Capstone, one from Focused Financial Advice and one new entrant. They lost one adviser who is not showing as being reappointed to date.
Walker Lane up by two, both advisers moving from Fortnum owned by Entireti
New licensee commenced with two advisers. Both advisers are also showing as being authorised at Independent Financial Advisers Australia.
17 licensee owners up by net one each including WT Financial Group, Spark Partnership Group, Count Limited and the two remaining new licensees.
Losses This Week - Licensee Owners
Capstone Financial down by four, one being appointed at a new licensee, the others are not showing as appointed elsewhere to date.
Three licensee owners down by three:
Entireti, as mentioned losing two advisers to a new licensee. One adviser moved to Archer Private Wealth and another to Paragem. Two other advisers left and not been appointed elsewhere to date. They appointed two advisers, both coming back into advice after a short break.
Jesse Edward Franks (Focused Financial Advice), losing one to Centrepoint, one also to Lifestyle Asset Management and one adviser yet to be appointed elsewhere.
WRS Licensee Pty Ltd, now down to zero advisers, with two going to Centrepoint and the other yet to be appointed elsewhere.
Two licensee owners down by two
Advice Evolution, both advisers yet to be appointed elsewhere
Sean Yeo (Capital Financial Planning) - Now ceased. One joining Trend Investor Services and the other joining Advocate Advisory Pty Ltd.
A tail of 19 licensee owners down by one each including AIA Company, Fiducian and Viridian Group. The two remaining licensees that ceased also lost just the one adviser.
SMSF Data - To September 2024 - FREE Dashboard Now Available
The ATO released its quarterly statistics for SMSF funds through to September 2024. The data highlights quite a few new records in terms of gross and net assets, average balances and opportunities for advisers.
The Free dashboard is now available with a link in the post (Click link Below) or access via the main menu - Free Dashboards
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