Financial Adviser Insights To May 25, 2023
Adviser Numbers This Week Decreased By (-14) From 15,846 To 15,832
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Key Adviser Movements This Week:
Net Change of advisers down by (-14)
Net Change of +29 for 2023 Calendar YTD
13 Licensee Owners had net gains for 13 advisers
18 Licensee Owners had net losses for (-27) advisers
0 New licensees and 1 ceased
5 New entrants
Number of advisers active this week appointed / resigned: 45.
Summary
A net loss of 14 advisers this week in what has been a quiet week in terms of the number of advisers either resigning or appointed at only 45.
Growth This Week
Limited growth this week with all growth licensee owners only increasing by 1 adviser each
Growth firms include United Super (Cbus), Spark Partnership, Sequoia and Centrepoint.
Losses This Week
Count had the greatest net loss of (-5). Count as a licensee lost net (-3) losing 4 and picking up one new entrant. Affinia (now part of Count) lost (-2) losing 3 and gaining 1. A couple of the losses are / were employed in management roles.
Five licensee owners lost net (-2) each including Findex, Steinhardt (Infocus) and Insignia.
12 licensee owners down (-1) including AMP, Fortnum, Perpetual and WT Financial Group.
Some of the advisers who moved off the FAR this week may well re-join soon. However, over the last few weeks we have seen the calendar YTD number drop and is now at +29 after being at +64 on March 1, 2023.
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New Entrants
The drop in advisers over recent weeks has been disappointing. The number of new entrants is reasonably strong. For context, calendar YTD we have 144 new entrants who are still current compared to only 92 for the same period last year.
For this year, AMP Group lead the way with 14 new entrants, next comes Diverger at 7. Perpetual, Insignia, FSSSP (Aware Super) and APT Wealth Holdings all on 5 each.
Overview of Licensee Owners Filtered by most number of new entrants (Right Column) for 2023 YTD
APRA and SMSF Funds Analysis - Recently Updated
This week we updated our stats for SMSFs and APRA funds and wrote a separate blog post covering the highlights.
What is interesting is the level of of ‘unlisted’ investments held by the different fund types. Industry and Public funds hold close to 22% of their portfolios in unlisted assets, while Retail funds are under 5%.
I’m sure all parties will have their own valid reasons for holding / not holding unlisted assets. This may be the time for broader debate to better inform the end consumer about their portfolios and what unlisted assets may mean to them should we suffer something like the global financial crisis (GFC).
To access the Super Funds blog post - click here
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