Financial Adviser Market Insights, July 25, 2024
Adviser Numbers This week - Increased by +13, Moving From 15,480 To 15,493
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Weekly Summary
Another uptick in the number of financial advisers that was again driven by a solid week of new entrants. Only three licensees commenced and one ceased.
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Key Adviser Movements This Week:
Net change of advisers +13
Current number of advisers at 15,493
Net Change Calendar 2024 YTD (-127)
Net Change THIS NEW 2024/25 Financial YTD +147
Net Change LAST Financial Year 2023/24 (-215)
32 Licensee Owners had net gains of 46 advisers
22 Licensee Owners had net losses for (-30) advisers
3 new licensees commenced and (-1) ceased
18 New entrants - Same as last week
Number of advisers active this week, appointed / resigned: 78.
Note: Members can see all the advisers by name and licensee at Adviser Fast Facts Dashboard 3 - Weekly Change By Adviser Details
See Short Video Below based on July 11 data.
Growth This Week - Licensee Owners
Koda Capital increased by three advisers, all three leaving JBWere.
Twelve licensee owners are up by a net of two advisers each, including:
Viridian: Both are new advisers.
Shaw and Partners: One new entrant and one adviser from Ord Minnett.
Picture Wealth: Both advisers moved across from AMP Financial Planning.
Lifespan: Both advisers moved from Millennium 3, now owned by WT Financial Group.
Count: Both advisers are new entrants.
ASVW Holdings: Both advisers moved across from Consultum.
A new licensee: Both advisers moved across from Sentry Advice, owned by WT Financial Group.
Nineteen licensee owners are up by a net of one adviser each, including the remaining two new licensees, Ord Minnett and Infocus Group.
Losses This Week - Licensee Owners
WT Financial Group is down by seven advisers, with eight resignations and one appointment. Of the eight resignations, six are shown as being appointed elsewhere.
Rhombus Advisory (see more below about Rhombus) is down by two, after appointing one adviser and losing three. Of the three who resigned, two went to ASVW Holdings and one is yet to be appointed elsewhere.
‘Total Wealth Planning’ also down by two and now down to zero advisers. Both advisers not showing as being appointed elsewhere.
Nineteen licensee owners are down by a net of one adviser each, including AMP Group, Alteris Financial Group, Centrepoint, and Sequoia.
Rhombus Advisory Debuts This Week
Insignia Group has now nearly finalised its departure from owning ‘self-employed’ style licensees with Rhombus Advisory now the owner of the self-employed advisers. They previously sold Godfrey Pembroke to the advisers (Practice Development Group) and late last year, Millennium 3 was sold to WT Financial Group.
Rhombus consists of two licensees, RI Advice with 210 advisers and Consultum with 279 advisers, giving a total of 489 advisers. The ASX release of July 22, 2024 indicates three businesses, RI Advice, Consultum, and Tenfifty are part of Rhombus. However, the Tenfifty advisers are on the Consultum AFSL.
In the ASX release, Insignia stated that they hold a 37% equity stake in Rhombus, which will be ‘deconsolidated’ in FY 2025. The value of the 37% equity holding was not disclosed. I have been advised it will be disclosed in the final 2024 accounts.
Insignia retains the employed channels of Shadforths with 119 advisers and Bridges with 97 advisers. Insignia also owns Actuate Alliance Services with 13 advisers, who mostly provide super advice to members. The total number of current advisers at Insignia is 229.
Back on August 31, 2020, when Insignia (then IOOF) announced the acquisition strategy of MLC, their media release quoted that this would see IOOF with 1,884 advisers.
A New Top Ten - By Licensee Owner
Insignia drops out of the top ten, as Rhombus enters in fifth position. AMP is still on top, and now Count moves into the second spot with 682 advisers. Centrepoint is in the third spot with 552 advisers.
We often note that Count is carrying many advisers restricted to SMSF advice at their Merit Wealth AFSL (currently 104 advisers). If they are removed, Count and Centrepoint are very close in terms of the number of advisers who can offer holistic advice.
The Top Ten By Licensee Owners - July, 25 2024 Data
Financial Adviser Movement - Financial Year 2023/24 - Free PowerPoint Style Presentation
The presentation is now available at our store.
Key data includes:
Net movement of advisers
Net movement of advisers by business models
Most and least growth by licensee owners
Number of advisers ceased
Number of new entrants
Change in the composition of licensees - mostly driven by new ‘Micro’ AFSLs.
All the data and charts were extracted from our main dashboards - Adviser Fast Facts and Licensee Deep Dive. The dashboards are available to our members. Members can customise their own charts.
Click here To Access the Presentation
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