Financial Adviser Insights To March 16, 2023
No Change of Adviser Numbers This week - 15,860
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Key Adviser Movements This Week:
Net Change of advisers “No Change”
Net Change of +52 for 2023 YTD
24 Licensee Owners had net gains for 25 advisers
20 Licensee Owners had net losses for (-26) advisers
2 new licensees and 2 ceased
5 Provisional Advisers commenced and zero ceased
Number of advisers active this week (appointed / resigned) 69.
Summary
The first ‘zero’ change week that I can recall since putting out the weekly updates. We still saw 69 advisers who either resigned or were appointed and that number has been hovering around 70 for the past few weeks.
Growth This Week
Capstone was the only licensee owner to grow by more than 1 by having growth of +2, both advisers from separate licensees
23 licensee owners up by +1 each including Morgans Group, AMP Group, Unisuper and Canaccord
The 2 new licensees both commenced with 1 adviser each
Losses This Week
WT Financial group were down by (-4), losing 5 and hiring 1. The losses were at Sentry and it appears that a practice has decided to open up their own AFSL and we expect their data to appear next week. Details given to members
NAB Group down (-2), losing 1 at JBWere and the other from the bank itself.
Sequoia down (-2) after losing 2 at Libertas. Note: Sequoia are also moving advisers from Libertas to Interprac.
Troy Macmillan (TWD Licensee services) also down (-2)
16 licensee owners down (-1) including Clime Group, Macquarie Group and Findex Group. Insignia also down net (-1) after hiring 4 and losing 5.
The two licensees that closed were both 1 adviser models.
Count Plus Acquires Affinia - Compare The Pair
As we saw last week, Count Plus acquired TAL owned Affinia Financial Advisers licensee. This now takes the total number of advisers at Count to 390 making them the 7th largest group.
The press release indicated that Affinia were generating net revenue to TAL of $3.029 Mil which equate to $25,669 per adviser. We used 118 advisers being the number at Affinia when the deal was announced. Count reported through its half yearly results that its wealth division recoded a ‘Reported Contribution’ of $5.722 Mil . This equates $20,955 per adviser at 272 advisers for the half year. If we simply double that, it would equate to $42,073 for a full year.
Note: Count also showed that the gross revenue (assume this all revenue generated by the advisers) for the half year for its wealth division at $55.78 mil, which is $216,102 per adviser. Again, if we double that, it would equate to a yearly amount of $432, 204 per adviser.
Count and Affinia Adviser Statistics - Members have access to Dashboard 3 Deep Dive Licensee Charts, that allows users to select several licensees and view key statistics ‘side by side’. We compared Count to Affinia over the time period of Jan 1, 2022 to March 16, 2023. In summary, Count have had more growth, up 24 advisers, Affinia down (-14). Count have also hired more ‘New Entrants’ at 7 compared to Affinia at 2.
Other stats show that Affinia advisers are more experienced but Count have a higher percentage of advisers with a degree. Count advisers can generally offer greater range of advice with a higher portion of advisers able to offer securities (shares) and margin lending.
To view the full key stats report, click on the link below.
SMSF ATO Statistics Dashboards - Updated to Dec 2022 (Released March 2023)
We have updated the SMSF Statistics Dashboards which are currently free to all. We have also added some new ratios and also updated some stats with adviser numbers. Some key points include:
The SMSF opportunity for current advisers continues to improve albeit at a slower rate than last year
The rate of SMSF establishments has slowed but so to has the rate of windups
Total SMSF net assets at Dec 2022 was slightly down year on year
Net transfers (rollovers in versus rollovers out) continues to be positive but has slowed. Other stats we have indicate that industry funds have slowed their transfers out to SMSFs
The net admin & operational fees associated with running an SMSF have remained reasonably static over recent years.
For all the above and much more simply click on the link below
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