Number of Advisers decreased by (-5) from 15,868 to 15,863

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Key Adviser Movements This Week:

• Net Change of advisers (-5)

• Net Change of +53 for 2023 YTD

• 21 Licensee Owners had net gains for 31 advisers

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

• 5 new licensees and (-1) ceased

• 7 Provisional Advisers (PAs) commenced and 1 ceased.

Summary
A relatively quiet week with 66 advisers joining / leaving licensees. However, a jump of 5 new licensees highlights that there are still ‘practices’ out there in large groups looking to take greater control over their business.

Growth This Week

• A new Licensee commenced with 3 advisers (details given to members) - Ex Charter (AMP)

• Centrepoint Group up by 3, all 3 advisers coming from different licensees

• Another 2 new licensees commencing with 2 advisers each. Both new licensees leaving Lonsdale (Insignia)

• Another 4 licensee owners up by 2 including Highfield Group gained 3 advisers from Viridian and lost 1 adviser. Fiducian with both advisers being new entrants and Diverger with one being a new entrant.

• 13 licensee owners up by net 1 including a new license that recommenced an older AFSL. Others include Spark Partnership, Aware Super, and Canaccord.

Losses This Week

• Insignia was down by (-6), as mentioned above, losing practices who are starting their own AFSLs. Over the week they lost a total of (-8) advisers and gained 2 new entrants

• AMP Group down (-4), losing (-7) advisers and picking up 3, including 1 new entrant

• ASVW Holdings down (-3), none showing up as ‘Current’ to date but expect them to reappear soon

• Lifesherpa Holdings down (-2) losing 1 to Spark Partnership and the other still showing as ceased

• 19 licensee owners down (-1) each including MCA Financial Planning who have now ceased (no advisers). Also down (-1), Fortnum, Viridian who had a busy week losing 4 and gaining 3, and WT Financial Group.

Market Share Movement: Jan 1, 2021 to Feb 23, 2023
With reporting season in full swing, this may be an opportunity to consider the market share of the major licensee owners.

The chart below - Dashboard 1B - Licensee Deep Dive highlights the largest current groups and how their adviser numbers and market share has changed since Jan 1, 2021 to Feb 23, 2023.

The two majors, Insignia at 1,061 advisers and AMP Group at 929 are still much larger than the next tier down to Centrepoint at 519. However, Insignia’s market share is now at 6.66% of all advisers having started the period at 8.78%. AMP have dropped from 7.28% to 5.83%. Centrepoint despite a relatively small increase in advisers of 21, have improved market share from 2.41% to 3.26%

The chart below has been modified to show the market share of advisers that fit in our ‘Financial Planning’ model, essentially made up of licensees that offer mostly holistic advice. Insignia’s starting market share is at 14.09% and has dropped to 10% and AMP dropping from 11.68% to 8.76%.

The change in market share for the larger groups has been affected by the growth of new ‘micro’ AFSLs. Since Jan 1, 2021, 250 new AFSLs have commenced in the Financial Planning model, all but one has less than 20 advisers. 140 have closed.

It should be recognised that some of the groups still service advisers who may have switched into a small AFSL of their own. However, it clearly highlights how the overall market has become far more fragmented than it once was.

*For those who may track Provisional Advisers and see variance in the numbers, there are a small number who have an earlier start date in advice and have since rejoined as a Provisional Adviser.

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