Financial Adviser Market Insights, Nov 21, 2024
Adviser Numbers decreased By 3, Moving From 15,512 To 15,509
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Weekly Summary
The number of advisers dipped by three in a busy week for activity. Five new licenses, seven ceased and eight new entrants commenced. 88 advisers were affected in some way.
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Key Adviser Movements This Week:
Net change of advisers (-3)
Current number of advisers at 15,509
Net Change Calendar 2024 YTD (-116)
Net Change Financial YTD +166
29 Licensee Owners had net gains of 47 advisers
30 Licensee Owners had net losses for (-49) advisers
5 new licensee commenced and seven ceased
8 New entrants
Number of advisers active this week, appointed / resigned: 88.
Growth This Week - Licensee Owners
Clime Group set up a new licensee, Clime Advice Pty Ltd, with eight advisers who moved from Madison, previously owned by Clime before its sale to Infocus. As part of the agreement with Infocus, Clime planned to create their own licensee, while Infocus would provide all necessary licensee services.
WT Financial Group up by net four - three being new entrants plus one adviser from Picture Wealth Group
SGN Financial also up by four advisers, all moving across from AdviceIQ
Secureinvest Financial Planners up by net three with all three leaving RI Advice, now owned by Rhombus.
Three licensee owners up by net two:
A new licensee with advisers leaving Integrity Financial Planners
Koda Capital with both advisers coming back onto the FAR after lengthy breaks.
Janus Financial including one new entrant the other being a timing issue of an adviser switching licensees owned by Janus.
22 licensee owners up by net one each including Shaw and Partners, Morgans and Capstone.
Losses This Week - Licensee Owners
Infocus is down by 10, with eight moving to Clime. Infocus still offers licensee services to the advisers. Three other advisers have ceased and have not been appointed elsewhere yet, while one new entrant has been hired.
Rhombus down by five, with three joining Secureinvest and another joining Core Value FA. Another adviser resigned and not appointed elsewhere to date.
AdviceIQ Partners down by four, as above, all moving to SGN Financial
Three licensee owners down by two:
Integrity Financial, advisers starting their own licensee
Perpetual Group, both advisers not showing as being appointed elsewhere
Sexton Pty Ltd, both advisers not showing as appointed elsewhere
A long tail of 24 licensee owners down by one each including Canaccord Group, Pitcher Partners and Sequoia.
Fund Level Superannuation Data - FREE Dashboards Now Available.
Last week, we published a blog post about new data from APRA on superannuation fund expenses. These expenses involved financial adviser costs, marketing costs, and payments to those who worked / provided services for the funds.
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