Adviser Numbers This week - Increased by +11, From 15,586 to 15,597

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Summary For The Week
The numbers this week improved, as the predicted wave of new entrants commenced on the ASIC Financial Adviser Register (FAR). Net numbers were up by plus 11 as 14 new entrants commenced. In total 86 advisers were affected in some way, 40 more than last week.

Key Adviser Movements This Week:

• Net change of advisers +11

• Current number of advisers at 15,597

• Net Change Calendar 2024 YTD (-18)

• Net Change Financial YTD +43

• 31 Licensee Owners had net gains of 43 advisers

• 21 Licensee Owners had net losses for (-34) advisers

• 2 licensees commenced, 1 recommenced and (-3) ceased

• 14 New entrants

• Number of advisers active this week, appointed / resigned: 86.

Growth This Week - Licensee Owners

• PSK Group were up by net five advisers, with all advisers moving across from Charter, owned by AMP Group.

• A new licensee commenced with three advisers, with a practice from AMP Financial Planning commencing their own AFSL

• Four licensee owners up by plus 2 each:

  • Shaw and Partners picking up one adviser each from Macquarie Equities and Personal Financial Services now owned by Fortnum

  • Optimal AFSL with one new entrant and the other adviser returning to the licensee after a short break

  • Morgans with one new entrant and one adviser from Fiducian Group

  • CHPW Financial picking up both advisers from Interprac, owned by Sequoia

• A long tail of 24 licensee owners up by net one each including:

  • Zurich Financial Services with an adviser from Millennium 3, owned by WT Financial Group

  • NTAA (SMSF Advisers) with an adviser coming back to the firm after a break

  • Mercer with an adviser coming back into advice after a break of several months.

Losses This Week - Licensee Owners

• AMP Group dominated the losses, down (-12). As mentioned above, losing advisers to PSK and a new licensee.

• Fortnum down by (-3), only one of the advisers appointed elsewhere to date

• 19 licensee owners down by net one including:

  • Insignia Group, appointing one and losing two

  • Ord Minnett Group losing one adviser - not appointed elsewhere to date

  • Nextplan Financial lost one adviser who commenced their own AFSL.

Wealth Management Listed Firms - How Are They Performing?
At next week’s Financial Newswire’s conference, ‘Advice, Wealth and Super Rewired’ in the Hunter Valley NSW, I will be presenting the ‘Financial Adviser Landscape’. During the presentation, we will highlight the ‘value’ movement of firms associated with wealth management since Dec 2018 to March 2024.

The analysis will focus on listed firms performance as measured by the movement of their share price values. For simplicity, we started each firm with an investment of $1,000. The returns do not take into account any dividends paid.

We split the firms into peer groups. The chart below highlights how each peer group has performed. We have also inserted the ASX 200 and ASX Financials indices to provide a benchmark.

Attendees at the conference will see additional details of each listed firm that makes up the analysis by name and performance year by year.

Firms that specialise in platforms comfortably outperformed the other peer groups, with the $1,000 initial investment now worth $2,354. While fund managers really struggled with the initial $1,000 more than halved at $464.

Firms that provide mostly adviser licensee services came in second spot after a solid run over the recent times and are now ahead of the ASX indices. A full breakdown by firm, by year, and much more will be highlighted next week.

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