Adviser Numbers This week - Increased by +11, Moving From 15,469 To 15,480

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Weekly Summary
Another uptick in the number of financial advisers that was driven by a solid week of new entrants. Six new licensees commenced. However, while technically ‘new,’ a couple of the new licensees appear to be internal changes, as opposed to the traditional ‘advisers’ moving from one licensee and commencing a new one. Details have been provided to members.

Some losses were backdated to last financial year, bringing the total losses for the previous financial year to (-214), up from (-211).

We have compiled a concise PowerPoint presentation summarising the previous financial year. This presentation is available at our store , free of charge to all readers - More details below

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Key Adviser Movements This Week:

• Net change of advisers +11

• Current number of advisers at 15,480

• Net Change Calendar 2024 YTD (-138)

• Net Change THIS NEW Financial YTD +134

• Net Change LAST Financial Year 2023/24 (-214)

• 33 Licensee Owners had net gains of 49 advisers

• 25 Licensee Owners had net losses for (-36) advisers

• 6 new licensees commenced and (-1) ceased

• 18 New entrants

• Number of advisers active this week, appointed / resigned: 90.

Note: Members can see all the advisers by name and licensee at Adviser Fast Facts Dashboard 3 - Weekly Change By Adviser Details
See Short Video Below based on last week’s data.

Growth This Week - Licensee Owners

• A new licensee started with five advisers. Four of the advisers moved from Grimsey Wealth and one new entrant commenced

• Five licensee owners up by net three:

  • Two new licensees, one appears as an internal switch (closing one and starting another licensee) and one with the advisers leaving Core Financial Services

  • SGN Financial with all three advisers being new entrants

  • Count with one adviser returning after a break, one new entrant and one adviser switching from Fitzpatricks

  • AMP Group, appointing five including two new entrants and losing two advisers from Charter

• Two new licensees commenced with two advisers each. One with advisers leaving NSW Complete Financial Services and another whereby the advisers remain authorised as Sambe Investments

• A long tail of 21 licensee owners up by net one each including Morgans, Findex and WT Financial Group.

Losses This Week - Licensee Owners

• Grimsey Wealth down by four, as mentioned above, with one business moving away and commencing their own AFSL

• Three licensee owners down by three advisers each.

  • Ord Minnett Group with two advisers not appointed elsewhere to date and one adviser moving to Prosperity Wealth Advisory

  • Core Financial Services losing advisers who commenced their own AFSL

  • Another licensee who closed one AFSL only to start another.

• NSW Complete lost two advisers who commenced their own AFSL

• PSK also down by two advisers, both not appointed elsewhere to date.

• A tail of 19 licensee owners down by net one each including Sequoia Group, Industry Super Holdings and Bell Financial.

A Busy Few Weeks
The data below is for the period of June 13, 2024 to July 18, 2024 and compares the data to the same timeframe as last year. Some interesting comparisons:

• The net loss of advisers over this period is (-113) versus (-88).

• Number of new licensees commencing is at 15, less than 21 that started last year. However, only six have ceased, giving a net position of nine. Last year, (-17) had ceased giving a net position of only four.

• Currently there are 15,480 advisers versus 15,702 at the same time last year, a net loss of (-222).

• Of the top ten growth licensees in this period, seven are new licensees - Members can view the data at Adviser Fast Facts Key Data Summary Page.

• There have been 56 new entrants and are current. The period last year saw 61 new entrants added who are still current. (Data not shown - available at Licensee Deep Dive, dashboard 12).

Financial Adviser Movement - Financial Year 2023/24 - Free PowerPoint Style Presentation
The presentation is now available at our store.

Key data includes:

• Net movement of advisers

• Net movement of advisers by business models

• Most and least growth by licensee owners

• Number of advisers ceased

• Number of new entrants

• Change in the composition of licensees - mostly driven by new ‘Micro’ AFSLs.

All the data and charts were extracted from our main dashboards - Adviser Fast Facts and Licensee Deep Dive. The dashboards are available to our members. Members can customise their own charts.

Click here To Access the Presentation

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