Financial Adviser Market Insights, Aug 22, 2024
Adviser Numbers This Week decreased by (-2), Moving From 15,509 to 15,507
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Weekly Summary
The net number of advisers decreased by two, despite another solid week of new entrants at ten. Three new licensees commenced and one ceased.
Please note: 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 (-2)
Current number of advisers at 15,507
Net Change Calendar 2024 YTD (-114)
Net Change Financial YTD +166
24 Licensee Owners had net gains of 39 advisers*
28 Licensee Owners had net losses for (-66) advisers*
3 new licensees commenced and (-1) ceased
10 New entrants
Number of advisers active this week, appointed / resigned: 108.
*The difference between the net gains of 39 advisers and the losses of 66 is (-27). However, many losses include advisers who were authorised with multiple licensees and did not fully cease on the ASIC FAR. Therefore, the actual net loss of advisers is only (-2).
Growth This Week - Licensee Owners
A new licensee commenced with 4 advisers. Two of the advisers were previously with United Global Capital and the other two coming back onto the FAR after a break.
Finchley & Kent continue to transition advisers from Havana Financial owned by O & Z Pty Ltd and up by net three this week
Four licensee owners up by net two including:
Fortnum with three new entrants and losing one adviser
Financial Advice Co with one new entrant and one adviser coming back after a break
Elston Group with two new entrants
ABC Financial Planning with both advisers coming back after a break.
24 licensee owners up by net one including Centrepoint, Shartru and UniSuper.
Losses This Week - Licensee Owners
Sambe Investments down by (-23). However, all the advisers had previously transitioned to Finchley & Kent
O & Z Pty Ltd, (Havana). Down by 7. However, as is the case with Sambe Investments, all the advisers had transitioned to Finchley & Kent
AMP Group down by four, losing five advisers and gaining one
Seven licensee owners down by net two including, CBA, Infocus and Rhombus
Eighteen licensee owners down by net one including, Fiducian, Ord Minnett and Sequoia.
New Entrants - How Many Stay?
The chart shows new entrants and those leaving the ASIC FAR each quarter since 2023.
For the first three quarters, the grand totals are similar: 95, 93, and 131 for 2023, compared to 85, 94, and 125 for 2024. However, in 2023, 10, 9, and 14 new entrants left, meaning over 10% of new entrants have ceased. In 2024, those numbers dropped to 1, 3, and 1. This data highlights the challenges firms face in keeping new hires for a one year.
New Entrants By Quarter 2023 to 2024
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