Financial Adviser Insights, Data to Feb 1, 2024
Adviser Numbers, Net Change of (-18), Moving From 15,664 To 15,646
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Summary for the week
The net numbers are down by (-18), wiping out the exact gains from last week. We did see more resignations backdated into the previous year (and beyond). In total 99 advisers affected this week and 4 new entrants commenced.
Key Adviser Movements This Week:
Net change of advisers (-18)
Current number of advisers at 15,646
Net Change of +33 for Calendar 2024 YTD
Net Change Financial YTD +90
27 Licensee Owners had net gains of 43 advisers
33 Licensee Owners had net losses for (-50) advisers
7 New licensees (4 recommencing) and 2 ceased
4 New entrants.
Number of advisers active this week, appointed / resigned: 99
Growth This Week - Licensee Owners
Connie Walker (Focused Financial Advice), up by 11 advisers to a new total of 12. The majority of the advisers are still current at Crown Wealth
Insignia up by 3, with 5 advisers starting, including 2 new entrants and 2 ceased
Centrepoint also up by plus 3, with 2 of the advisers coming across from Crown Wealth
KDM financial up by 2, with advisers moving from different AFSLs
Connectus Wealth also up by 2, with both advisers leaving Investment Professionals.
A tail of 22 licensee owners up by net 1 each including Spark Partnership, Sambe Investments, and Findex.
Losses This Week - Licensee Owners
Count Limited down by (-6) , losing 2 from Affinia and 4 from Count
Diverger down by (-5), losing 4 at GPS Wealth and 1 at Merit Wealth
Garry Connelly (Travectio Advisory) down by (-4) and are now down to zero advisers. Note: Three of the advisers are authorised at Adrians Wealth Management and are still current at this AFSL
Six licensee owners down by (-2) each including Crown Wealth, Castleguard Trust (Lifespan), Fitzpatricks and Fortnum
25 licensee owners down by (-1) each including Bell Financial Group, Perpetual, Shartru, and Viridian.
Superannuation Funds and Asset Allocation
The methodology for holding assets in a super fund varies greatly between fund types. APRA’s Annual Fund-Level Superannuation Statistics, released Dec 13, 2023, highlights asset allocation and what proportion of assets are held directly.
The chart shows that asset allocation mix does not vary greatly between fund types. However, the percentage held directly by Retail Funds at just 11%, is well under other fund types which are all over 50%.
Asset Allocation and % Held Directly
Size matters - At a ‘registrable superannuation entity’ (RSE) level, the amount of assets held directly, does change for individual industry funds, driven mainly by fund size. For example, three industry funds that have in excess of $100 Bil of total assets each, hold a combined 63% directly. Whereas, for 10 industry funds that have less than $10 Bil of assets each, hold 32% directly.
Some industry funds do buck the trend, most notable being Host Plus. They hold $96.5 Bil of assets, but only 1% is held directly. This appears to have been a good move, as Host Plus top the tables for 10 year returns for all funds with more than $10 Bil of assets, and in second spot for 5 year returns.
We will be releasing a full set of dashboards based on super funds during the next week - stay tuned.
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