Financial Adviser Insights, May 30, 2024
Adviser Numbers This week - Decreased by 16, Moving From 15,638 To 15,622
Weekly Summary
Financial adviser numbers went negative for the week despite seven new entrants joining the ASIC FAR. However, we do expect that some of the advisers dropping off the FAR this week will reappear soon as they transfer licensees. There were three new licensees and none ceased.
This week we updated our Super Funds by Fund Type highlighting that Retail funds bounce back. - More details here and at the bottom of this post.
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Key Adviser Movements This Week:
Net change of advisers (-16)
Current number of advisers at 15,622
Net Change Calendar 2024 YTD +7
Net Change Financial YTD +66
21 Licensee Owners had net gains of 22 advisers
23 Licensee Owners had net losses for (-38) advisers
Three licensees commenced and zero ceased
7 New entrants
Number of advisers active this week, appointed / resigned: 67.
Growth This Week - Licensee Owners
Centrepoint Group, the only business to have growth of more than one adviser. Their Alliance Wealth licensee picked up advisers from Charter (owned by AMP) and Findex
20 licensee owners were up by net one including:
Zurich Financial Services who got an adviser from Steadfast
Spark Financial Group with an adviser coming back into advice after a break
Hood Sweeney with a new entrant
All three new licensees commenced with one adviser each. Details given to members
Losses This Week - Licensee Owners
AMP Group, down by (-6). As mentioned above, losing one from Charter to Alliance Wealth and another to Synchron, now owned by WT Financial Group. The other four losses are yet to be appointed elsewhere on the FAR
Financial Services Group Australia down by (-5), none to date showing as being appointed elsewhere
Legal Super down my three advisers. None showing as being reappointed to date
Sequoia Group also down by three, losing four advisers and appointing one
Aeran Pty Ltd down by two, none showing as being re appointed
Insignia also down by two, appointing one adviser and losing three
A small tail of 17 licensee owners down by one including; Boyce, Fitzpatricks and Morgans.
Retail Funds Bounce Back
APRA's latest data to March 2024 reveals key shifts in the superannuation landscape:
Retail funds do it again: For the second quarter in a row they outperform their peers for investment returns
Industry funds see increasing SMSFs Net losses: Transfers to self-managed super funds (SMSFs) are accelerating for Industry funds.
Pension payments for Industry funds: rapidly increasing
Advisers benefit: The strong quarter for superannuation across the board presents growing opportunities for financial advisers.
All details in the post - See The Post here
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Financial Adviser Landscape - Presentation - Free Download
Last week, I presented at the FNW ‘Advice, Wealth and Super Rewired’ conference. Below, you can access the presentation for free. There are a number of charts that cover:
Financial Adviser Movement back to 2017
Calendar YTD movement including most growth / the least growth firms
Share price movement over five years of ASX listed firms associated with financial planning / wealth
The growth and impact of Micro AFSLs
New entrants - year by year
Gross revenue of advisers
Adviser opportunities - Growth of super and much more.
