Financial Adviser Movement to Jan 26, 2023
Number of Advisers decreased by +18 from 15,849 to 15,867
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Key Adviser Movements This Week:
Net Change of advisers +18
Net Change of plus 47 for the start of the new year
36 Licensee Owners had net gains for 45 advisers
23 Licensee Owners had net losses for (-26) advisers
1 new licensee and (-2) ceased
7 Provisional Advisers (PAs) commenced and none ceased.
Summary
A solid week of gains through a combination of new Provisional Advisers and advisers coming back into advice.
Growth This Week
AAN Wealth experienced an increase of five advisers, with two of them being Provisional Advisers and the remaining three returning to the field after taking short breaks. Similarly, HESTA saw an increase of three advisers, with two of them coming from Link Advice and one returning to the field after a break.
Three license owners also saw an increase of two advisers each. NGAA (Next Generation Advice) added one adviser each from AAN Wealth and Money Sherpa, while Insignia added three advisers, including one Provisional Adviser at Lonsdale and lost one adviser at Shadforths. Castleguard (Lifespan) also gained two advisers, one from Whittle & Skok and the other returning after a short break.
A total of 32 licensee owners saw a net increase of one adviser each, including Politis, Bombora, AMP and Industry Super Holdings, as well as a lone new licensee that recommenced operations after ceasing all advisers in 2021.
Losses This Week
Count losing two advisers, one of whom joined WT Financial group’s licensee Synchron. James Wright (Sayers Wealth) and Sequoia also lost two advisers each. A total of 31 licensee owners lost one adviser each, including Capstone, Integrity Financial Planners, Shaw and Partners, and WT Financial Group, who had a busy week, hiring three advisers and losing four. Both licensees that effectively closed were one-adviser models.
The Class of 2022
Last week we analysed the advisers that resigned and ceased off the ASIC FAR during 2022 - (See Last Weeks Blog Post).
As a follow-up, we have now analyzed the ‘Class of 2022’, which includes only advisers who had a first appointment date on the ASIC FAR during 2022. The data and tables listed below will only show advisers that are currently active, a total of 336. There were a total of 368 new entrants, however, 32 are now showing as ceased on the FAR.
Note: the data does not include data for 2023, which is currently showing promising numbers with 29 current new entrants.
The first chart (top left) shows the breakdown of new entrants and not surprisingly, the majority are still Provisional Advisers. The chart right is a breakdown by gender and new entrants at 27.98% being female is slightly greater that all other remaining current advisers which is at 22.48%.
The left chart highlights new entrants by ‘Type’ of adviser - Chart on right is by gender compared to all other advisers.
The first chart below is by Business Model. The three largest models are all proportionately ahead in terms of hiring new entrants. For example, the financial planning model has 69.35% of all new entrants versus 66.65% of all other advisers. The big surprise here is the super Fund sector at only 0.89% of all new entrants despite having 4.83% of all other advisers.
The chart to the right is by size of licensee owners. The band of between 10 to 19 has 14.29% of all new entrants while only having 7.93% of all other advisers. The band of 100 to 499 appears relatively low at 23.81% of new entrants despite having 31.77% of all other advisers.
Chart Left is by Business model - Chart Right by Size of Licensee Owner
By State
The proportion of new entrants by state is reasonably balanced across the states. QLD may be the stand out with 23.51% of new entrants compared to 19.99% of all other advisers.
If you want any modelling on 2022, or any other period, please advise and we will assist as best we can.
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