Financial Adviser Market Insights, Jan 9, 2025
Adviser Numbers Decreased By (-34), Moving From 15,515 To 15,481 During the period Dec 19, 2024 to Jan9, 2025
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Welcome to the first financial adviser insights for 2025. We're early in the year, and since licensees have 30 days to report changes, a full update for 2024 will come later this month. For now, we have provided a brief overview of 2024 in the second half of this post.
Summary - Dec 19, 2024 to January 9, 2025.
The Christmas / New Year period is currently showing a net loss of (-34). Entireti at (-10) and Perpetual at (-8), had the largest losses. 16 New entrants, five having start dates in 2025. Three new licensees and four ceased. 135 advisers affected by resignations / appointments.
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Key Adviser Movements For This Period
Net change of advisers (-34)
Current number of advisers at 15,481
Net Change Calendar 2024 (-143)
Net Change Calendar 2025 YTD +1
Net Change Financial YTD +139
32 Licensee Owners had net gains of 39 advisers
44 Licensee Owners had net losses for (-71) advisers
3 new licensees commenced and 4 ceased
16 New entrants
Number of advisers active this period, appointed / resigned: 135.
Growth - Licensee Owners
Seven licensee owners up by two:
Templestone with both advisers moving from AMP Financial Planning, now part of Entireti
Maura McCabe (Banyan Securities), both advisers moving across from Watershed Dealer Services
Lifestyle Asset Management, one adviser coming back after a break of a few months and another moving across from Focused Financial Advice
Industry Super Holdings with one adviser coming back after a break of several years and one from United Super
Centrepoint with one new entrant and one from Vivid Financial Planning
Canaccord losing one adviser and gaining three from Bell Potter
New Licensee with advisers from Consultum (Rhombus).
A long tail of 25 licensee owners up by net one each including; the two additional new licensees, Morgan Stanley, Lifespan and Shartru.
Losses - Licensee Owners
Entireti had a busy period down by net 10. They picked up five advisers, two being new entrants and lost 15. Only two of the 15 have been appointed elsewhere to date.
Perpetual down by eight, none are showing as being appointed elsewhere to date
Three licensee owners down by three:
Bell Financial, lost four advisers, three to Cannacord and appointed one new entrant.
Janus Financial with the three advisers yet to be appointed elsewhere
MWL with all three advisers yet to be appointed elsewhere.
Five licensee owners down by two, including Infocus, Insignia and Euoz
A very long tail of 34 licensee owners down by net one each including ASVW Holdings, Morgans Group, Shaw and Partners, and Viridian.
Calendar 2024 Year - Interim Key Data Points
Current data shows that 2024 net loss at (-143). Starting the year at 15,623 and finishing at 15480. This is a better result than 2023 which had a net loss of (-181).
A solid year for new entrants: 505 commenced and 476 are current. This compares very well to 2023 which saw 408 commence and 366 are still current.
Another good year for new licensees: 118 Commenced, just four ahead of 2023 which saw 114 Commence.
Ceased licensees on the rise: 97 licensees ceased compared to only 63 for 2023.
Of the 97 that ceased, 78 or 80% commenced before 2021. 7 ceased that commenced in 2021, 9 ceased that commenced in 2022, 2 ceased that commenced during 2023 and only ceased that commenced in 2024.
Of the licensees that ceased and commenced during Jan 1, 2021 to year-end 2024, 108 advisers were affected. However, 77 or 71% are still current on the FAR. This indicates that most have been involved in mergers / takeovers and are still practising.
Leading licensee owners for growth are Centrepoint Group at 39, closely followed by Finchley & Kent at 37 and Picture Wealth at 34.
The least growth by licensee owners, Entireti at (-90). Note, 59 of the losses at AMP Group licensees that they purchased during 2024. Count Limited at (-74) with most of their losses at their Merit Wealth licensees which provides mostly limited SMSF admin advice, and WT Financial Group at (-40).
Initial Data for 2024 - Adviser Fast Facts Dashboard