Financial Adviser Market Insights, Aug 1, 2024
Adviser Numbers This Week Decreased by (-1), Moving From 15,493 To 15,492
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Weekly Summary
The net number of advisers decreased by just one this week. The first decrease of the new financial year. The net loss was driven by one firm having its AFSL cancelled by ASIC, and this led to the loss of nine advisers.
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Key Adviser Movements This Week:
Net change of advisers (-1)
Current number of advisers at 15,492
Net Change Calendar 2024 YTD (-128)
Net Change THIS NEW 2024/25 Financial YTD +148
Net Change LAST Financial Year 2023/24 (-217)
32 Licensee Owners had net gains of 64 advisers*
23 Licensee Owners had net losses for (-39) advisers*
3 new licensees commenced and (-4) ceased
17 New entrants
Number of advisers active this week, appointed / resigned: 103.
*The variance is quite large between gains and losses (-25), yet the overall net loss is only (-1). This is mainly due to one licensee appointing (gained) 20 advisers, but those advisers are still current at another AFSL. Therefore, the 20 are not recognised as a loss.
Growth This Week - Licensee Owners
Finchley & Kent had a net increase of 20 advisers. However, all the advisers are still authorised at Sambe Investments.
Rhombus Advisory up by net three. RI advice picked up four advisers, all of whom moved from Count and lost one adviser from Consultum who is not showing as appointed elsewhere.
Six licensee owners up by net two each:
Wealth Spectrum with one new entrants and an adviser who moved from Premium Advisory
Perpetual Group with both being new entrants
Centrepoint Group, hiring three including one new entrant and losing one adviser
AAN Wealth Management with both advisers coming back after a break
Two new licensees commenced with two advisers each, details given to members
22 licensee owners up by net one each including HESTA, Bombora Advice, Koda and Morgans.
Losses This Week - Licensee Owners
AFSL - United Global Capital, owned by The Trustee For The Hewish Family Trust, was cancelled by ASIC, resulting in the loss of nine advisers
AMP Group down by four advisers, losing advisers at Charter and Hillross
Count Limited also down by four advisers, as mentioned above, four have moved to RI Advice, another ceased and one adviser was reappointed after a short break off the ASIC FAR
Three licensee owners down by two advisers each, including Build Your Wealth that went to zero advisers
15 licensee owners down by net one each including Insignia Group, PSK, FSSSP Financial (Aware Super) and the two remaining licensees that went to zero advisers.
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