Financial Adviser Market Insights, Sep 26, 2024
Adviser Numbers Decreased By 5, Moving From 15,516 to 15,511
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Weekly Summary
The total number of advisers decreased by five, despite another solid week of 14 new entrants. The numbers this week dominated by PictureWealth securing two firms and increasing their net number of advisers by 32.
Three new licensees and none ceased.
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Key Adviser Movements This Week:
Net change of advisers (-5)
Current number of advisers at 15,511
Net Change Calendar 2024 YTD (-113)
Net Change Financial YTD +167
26 Licensee Owners had net gains of 64 advisers
28 Licensee Owners had net losses for (-67) advisers
3 new licensees commenced and none ceased
14 New entrants
Number of advisers active this week, appointed / resigned: 105.
Growth This Week - Licensee Owners
PictureWealth Group has acquired Superannuation Advice Australia (previously licensed to AAN Wealth Management) and Financial Advice Australia (formerly licensed to KNR Investments). This increases their adviser count to 136, a net gain of 32 in one week. All advisers have transitioned to the PictureWealth Advisory AFSL, now totalling 43.
Two licensee owners saw an increase of three advisers:
Rhombus Advisory added two new advisers and one from AIA Financial Services
Morgans Group added two and gained one from AMP Financial Planning.
Three licensee owners increased by two advisers:
Finchley & Kent retained both advisers from Havana Financial Services
DMG Financial Planning kept both advisers who were with PSK Advisory Services.
A new licensee with both advisers leaving AMP Financial Planning.
20 existing licensee owners gained a net increase of one adviser each, including Wilsons Holding, Oreana, and Fiducian. The remaining two new licensees started with one adviser each
Losses This week - Licensee Owners
AAN Wealth Management down by (-33) with the 30 advisers shifting to PictureWealth and three yet to be appointed. AAN Wealth Management are now down to 3 advisers.
KNR Investments down by three, all moving to PictureWealth. KNR now only have one adviser under their AFSL
NTAA also down by three advisers, all three leaving SMSF Advisers Network and not appointed elsewhere
Three licensee owners down by two:
AMP Group losing three advisers and gaining one new entrant
Insignia losing one adviser each at Actuate Alliance Services and Bridges - neither being appointed elsewhere
WT Financial Group losing one adviser at Millennium 3 and two from Synchron and appointing one new entrant at Synchron.
22 licensee owners down by net one each including Lifespan, Count Limited, Fortnum and Sequoia.
Superannuation Funds Analysis by Fund Type
This week we updated our analysis of the superannuation sector by fund type, i.e. Industry, Retail, Public, Corporate and included SMSF funds. We have also included data to adviser numbers and population to give additional context to the size of the market and opportunity for advisers.
Key points covered include:
Growing opportunity for advisers
Industry funds keep growing market share
Asset allocation and how held is a major differential between indutry and retail funds
Retail have one of their best quarters for many a year
Transfer of funds out of Industry funds and into SMSFs is on the increase.
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.
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