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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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