Financial Adviser Market Insights, Oct 3, 2024
Adviser Numbers Increased By 9, Moving From 15,511 To 15,520
Click Here To Access Limited Free Adviser Dashboard
Weekly Summary
The total number of advisers increased by nine with 11 new entrants joining the ASIC FAR. Only one new licensee commencing with three advisers and two licensees ceased.
A fair bit of movement this week between major licensees this week. Details below.
Key stat from the September quarter - A new quarter record 195 new entrants joined, with 191 still active on the FAR. This is an increase from the previous high of 131 new entrants in the same quarter of 2023, of which 117 remain active. Refer to dashboard 13 for more details on new entrants.
Need More Data?
Join our Members Lounge - Click Here For Membership Information -
First Month at 50% off - Use promo Code 50%Month1
Key Adviser Movements This Week:
Net change of advisers +9
Current number of advisers at 15,520
Net Change Calendar 2024 YTD (-104)
Net Change Financial YTD +177
30 Licensee Owners had net gains of 41 advisers
23 Licensee Owners had net losses for (-32) advisers
1 new licensee commenced and 2 ceased
11 New entrants
Number of advisers active this week, appointed / resigned: 86.
Growth This Week - Licensee Owners
Sequoia gained six advisers: two from Synchron (WT Financial), two from Next Generation Advice, one from Infocus, and one from AMPA.
A new licensee started with three advisers, leaving Matrix (Centrepoint).
Four licensee owners increased by two:
PictureWealth with another two advisers moving across from AAN Wealth Management who joined over 30 advisers that switched last week
Patrick Cork (Cam Financial) gained both advisers from Sentry (WT Financial).
Merchant Wealth Partners added one adviser each from Brela Group and Royale Wealth.
Beryllium Advisers gained both advisers from Fortnum.
Overall, 24 licensee owners rose by one, including Shaw and Partners, Morgans, Centrepoint, and Insignia. Centrepoint had a busy week, losing three advisers but hiring four—three from Infocus and one from AMP.
Losses This Week - Licensee Owners
Count Limited has lost four advisers, including two at Merit and one each at Count, Paragem, and GPS Wealth, with no new appointments reported. They have hired one new adviser.
Infocus is down by three, with two advisers moving to Alliance Wealth and one to Interprac.
Four licensee owners have decreased by two:
AMP Group losing two advisers from AMP Financial Planning who have not found new roles.
Findex has also lost both advisers without new placements.
Morgan Stanley, as part of Findex, lost both advisers with no new appointments.
O & Z Pty Ltd (Havana Financial Services) has one adviser moving to MFG Advice and another to Finchley & Kent.
Overall, 17 licensee owners have decreased by one each, including Pitcher Partners, Spark Partnership Group, and Fiducian.
SMSF Analysis - Dashboards and Blog Post Updated
The ATO finally released their June statistics for SMSFs. The data also updated the financial year data to 2022-23. Some key points include:
The opportunity for advisers keeps growing as the number of SMSFs keeps growing along with the assets
Despite the increase in assets, the average balances dropped slightly
The net negative flow of funds in / out of SMSFs reached new records with benefit payments to members far greater than incoming contributions
NSW had a strong quarter for establishments
Much more in the post - read it here And a PowerPoint Prestation is Available at The Store
Please note: The dashboards for members have been fully updated. The ‘Free’ version of dashboards will be updated next week.
Superannuation Funds Analysis by Fund Type
Last week we updated the dashboards and blog post. At the time, we did not have the final ‘Asset allocation’ data from APRA. We got that information yesterday and have updated both the blog posts and dashboards.
All information in the post - Superannuation Funds Analysis
Note: Members have access to the dashboards that cover the analysis which are mostly interactive, allowing users to change dates and analyse / compare specific fund types.
Need more data? - Do you need to know more about the new licensees? Need to access databases? Simply click on the link below and find out what we can offer at the Members Lounge