Financial Adviser Insights, March 28, 2024
Adviser Numbers, Decreased by -11, Moving from 15,620 To 15,609
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Summary For The Week
A strange week with a small amount of adviser movement at 63. However, what was once a mid-tier licensee go down to zero advisers, Godfrey Pembroke finally moving away from Insignia, (but Insignia hold onto second spot - more below), and the net movement of financial advisers dip into the red for this current calendar year.
Key Adviser Movements This Week:
Net change of advisers -11
Current number of advisers at 15,609
Net Change Calendar 2024 YTD -7
Net Change Financial YTD +54
16 Licensee Owners had net gains of 19 advisers
25 Licensee Owners had net losses for (-31) advisers
1 new (restarted) licensee and 1 ceased
6 New entrants.
Number of advisers active this week, appointed / resigned: 63.
Growth This Week - Licensee Owners
Infocus owned by Steinhardt Holdings, has a solid week, up by 4 with all advisers leaving the AMP
A tail of 15 licensee owners up by net 1 each including, Insignia, Centrepoint and Picture Wealth Group - Much of the small gains were off the back of the six new entrants
Losses This Week - Licensee Owners
Crown Wealth Group went down to zero after losing (-4) advisers. A media release from ASIC today confirmed that their licence has been cancelled. They had 46 advisers at the start of 2022, and started this year at 36 and steadily lost advisers. Most of the advisers, 15 of them, joined Focused Financial Advice, 7 joining Alliance Wealth and 6 joined Lifespan. This information is available to members using Dashboard 5 of Advisers Fast Facts.
Count Limited lost (-4) advisers this week. Two left Merit Wealth and one each from Count and Affinia. The transition from Affinia to Count is almost complete, with only seven advisers still authorised at Affinia.
21 licensee owners were down by net (-1) each including: AMP Group, Fortnum, Morgans and WT Financial Group.
Godfrey Pembroke Formally Under A New Owner
After being flagged many months ago and confirmed in February updates to the ASX by Insignia, Godfrey Pembroke is now formally controlled by Practice Development Group Pty Ltd on the ASIC FAR.
When the deal to sell Godfrey Pembroke was announced by Insignia in February, this would have seen Insignia drop to third position in terms of the number of advisers, with Count moving into second spot - See post here for details.
Insignia over recent weeks have remained relatively steady in terms of adviser numbers, currently with 731, while Count have had some losses and are now at 723. As a result, Insignia continue to be in second spot as measured by the number of current advisers. See chart below.
Top Ten Licensee Owners By Number Of Financial Advisers, March 28, 2024
Gross Earnings Of Financial Advisers
This week, we highlighted the average gross earning by financial advisers who are authorised at several ASX listed companies covering some 3,600 advisers. The good news for advisers is that the revenue is trending upwards and most of the firms saw their averages increase - All the details in the link below.
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