Financial Adviser Market Insights, Sep 12, 2024
Adviser Numbers Increased By 14 Moving From 15,497 To 15,511
Click Here To Access Limited Free Adviser Dashboard
Weekly Summary
The total number of advisers went up by 14, nearly recovering from last week's loss of 15. This increase included 17 new entrants to the ASIC FAR. Three new licenses started, while two were ceased.
Please Note: Weekly updates will now revert to the close of business each Thursday (from this coming Thursday), with the newsletter published on Friday mornings.
Need More Data?
Join our Members Lounge - Click Here For Membership Information -
First Month at 50% off - Use promo Code 50%Month1
Enter promo code 50%MONTH1 for 50% discount on first month Selecting 'YEARLY' cost is only $950
Key Adviser Movements This Week:
Net change of advisers 14
Current number of advisers at 15,511
Net Change Calendar 2024 YTD (-111)
Net Change Financial YTD +170
35 Licensee Owners had net gains of 43 advisers
20 Licensee Owners had net losses for (-31) advisers
3 new licensees commenced and two ceased
17 New entrants
Number of advisers active this week, appointed / resigned: 76
Growth This Week - Licensee Owners
Jordan Gitani (Smartmove Advice) up by six with all advisers switching across from NGAA (Next Generation Advice)
Three licensee owners up by net two:
WT Financial Group with one new entrant and one adviser from licensee John Raymond Whiting
Australian Mortgage and Financial Advisers Pty Ltd with one adviser moving across from Matrix and another from Synchron
A new licensee commenced one adviser moving from Leishman Financial Services and the other from Telstra Super
A long tail of 31 licensee owners up by net one each including AMP Group appointing two and losing 1, Bell Financial, Morgans and the two remaining new licensees
Losses This Week - Licensee Owners
NGAA (Next Generation Advice) down by (-8). As mentioned above, six have joined Smartmove Advice
Count down by four, all the advisers ceased from Merit Wealth which provides mostly limited services for accountants. None have been appointed elsewhere to date
O & Z Pty Ltd (Havana Financial Services) down by two advisers, both moving across to Finchley and Kent.
Only 17 licensee owners down by net one each including Unisuper, Infocus and Macquarie Group. The two licensees that ceased also lost the one adviser each.
Financial Adviser Exam Results Updated For August 2024 Results
ASIC released the August 2024 exam results on Sep 6, 2024. Below are a couple of charts that highlight the results since Aug 2022.
Some key take-outs from the results being:
August 2024 had both the lowest number of candidates at 231 and candidates passing at 143 for the three sittings to date of 2024
The number of candidates and passes were low for 2024. However, 2024 is tracking higher than 2023, mostly due to the first exam in March 2024 which had 298 candidates and 210 passing.
The pass rate of 62% was the lowest since those chaotic days back in 2022 when it was 57% in Nov 2022 and 52% in Aug 2022.
The bottom chart ‘Total Passed Versus Current Advisers’ highlights that at the end of August, 4,355 candidates have passed the exam but are not current on the ASIC FAR.
Financial Exam Results Aug 2022 to Aug 2024 - Dashboard 10 of Adviser Fast Facts
Number of Candidates That Have Passed The Exam Versus and Number of Current Advisers
Need more data? - Do you need to know more about the new licensees? Need to access databases? Simply click on the link below and find out what we can offer at the Members Lounge
