Financial Adviser Market Insights, Aug 8, 2024
Adviser Numbers This Week Increased by +5, Moving From 15,492 to 15,497
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Weekly Summary
The net number of advisers increased by five this week. This increase was despite another strong week of new entrants at 18, indicating that 13 experienced advisers dropped off the ASIC FAR.
Please note: After today and through to September 9 - weekly updates will be completed by close of business each Monday.
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Key Adviser Movements This Week:
Net change of advisers 5
Current number of advisers at 15,497
Net Change Calendar 2024 YTD (-123)
Net Change Financial YTD +154
30 Licensee Owners had net gains of 45 advisers
27 Licensee Owners had net losses for (-40) advisers
2 new licensees commenced and (-2) ceased
18 New entrants
Number of advisers active this week, appointed / resigned: 94.
Growth This Week - Licensee Owners
Five licensee owners up by three:
Finchley & Kent had a net increase of 3 advisers. However, all the advisers are still authorised at other licensees
Rhombus also up by three, with one adviser rejoining after a break, one new entrant and one adviser from Lionsgate Financial Group
A new licensee commenced with advisers from Synchron, owned by WT Financial Group
Count with a busy week which included three advisers moving across from Szezjay Investments
Capstone which included two new entrants and one adviser from Consultum.
Five licensee owners up by net two each including:
Picture Wealth with an adviser from Lifespan and one new entrant
Perpetual with one new entrant and one adviser coming back into advice after a break
A new licensee with both advisers moving from BR Advice
Artemis with advisers moving from AD Advisory
Alexander McWilliams (True Wealth) with one new entrant and moving from Madison.
A tail of 20 licensee owners gaining one each including PSK Group, Fitzpatricks, Beryllium and AAN Wealth.
Losses This Week - Licensee Owners
FSSSP (Aware Super) down by net five and none appointed elsewhere
Morgans down by net three, and none to date showing as appointed elsewhere
Szezjay Investments, down to zero after all three remaining advisers moved to Count
Five licensee owners down by two each including AMP Group, Collins House and AFSL Holdings Australia who’s advisers went to 38th Parallel
19 licensee owners down by net one including Fiducian, Macquarie Group and Shaw and Partners.
AMP Group and Entireti (Fortnum)
The big news today is the announcement of Entireti taking a majority ownership of a new group, that effectively merges all of AMP’s and Fortnum’s licensees. The ASX release from AMP today, indicated that the number of advisers will be over 1,300. Our numbers of the advisers on the FAR are shown below, and amount to 1,188 (826 at AMP and 362 at Fortnum). The numbers from AMP today most likely includes their self licensing arm of Jigsaw, that has some 126 advisers attached.
The deal is hot on the heels of the ‘self-employed’ licensees leaving Insignia under the new business of Rhombus. It will be interesting to follow the progress of both groups.
The data below is for Calendar YTD. It shows that Rhombus is at net-zero change, with losses at Consultum being offset by gains at RI Advice. AMP Group is down by net (-41), with losses at all three major licensees and Fortnum is at (-18), with losses at Fortnum Private and Personal Financial Services which they recently bought from Australian Unity.
Note: Our members can access this detail at ‘Licensee Deep Dive’ Dashboard 1. See also dashboard 5 that will provide a comprehensive data set of comparisons including; qualifications, experience, new entrants, gender balance and much more.
AMP Group, Fortnum and Rhombus For Calendar YTD (Data to Aug 8, 2024)
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