Financial Adviser Insights, Feb 29, 2024
Adviser Numbers, Net Change of (-9), Moving From 15,634 To 15,625
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Summary for the week
Net adviser numbers down by (-9), a concern given last week was down by (-10). Seven new entrants commenced, indicated that for another week in a row, 16 more experienced advisers exited the ASIC FAR.
Key Adviser Movements This Week:
Net change of advisers (-9)
Current number of advisers at 15,625
Net Change of +12 for Calendar 2024 YTD
Net Change Financial YTD +71
21 Licensee Owners had net gains of 26 advisers
27 Licensee Owners had net losses for (-32) advisers
4 New / recommencing licensees and 3 ceased
7 New entrants.
Number of advisers active this week, appointed / resigned: 74.
Growth This Week - Licensee Owners
Five licensee owners up net 2:
Timothy Archibald (Assetly Australia) - AFSL re commencing with advisers from a licensee that dropped to zero but restarted this week with a new adviser
Jesse Edward Franks (Focused Financial Advice), picking up 1 adviser each from Count and Ethical Partners
HNW Group Holdings, one adviser restarting back after a break and another from Interprac owned by Sequoia
Corey James Wastle (Verse Wealth Licensee Services), with one adviser each from Synchron and Bridges
Australian Pacific Funds Management, with two advisers who remain authorised at different licensees.
A tail of 16 licensee owners are up by +1 each, including WT Financial Group, Steinhardt Holdings (Infocus), and LFG Financial Services.
Losses This Week - Licensee Owners
The Financial Link Group (Nexgen Financial), losing their remaining 3 advisers after ASIC formerly cancelled their licence. The group had a chequered past and did have over 100 advisers back in 2019.
Three licensee owners down by (-2), including Count, Capstone and a licensee going to zero advisers
A long tail of 23 licensee owners losing net 1 adviser each including, Clime Group, Morgans, and Tynans.
Super Stats - We Have You Covered
Both APRA and the ATO recently updated their superannuation statistics to December 2023. APRA cuts across their regulated funds and provides data based on ‘type of fund’, broken down by Retail, Industry, Public Sector and Corporate Funds. We have included SMSF data where possible and our own adviser data and population stats via the ABS.
By adding other data to the APRA stats, we can break down some key data points on a per adviser and per person, which makes for interesting reading.
A comprehensive set of dashboards have been updated and are currently only available to our members.
As for the SMSF data released by the ATO, we have included our adviser data to highlight the opportunity for advisers. We have a free version of the data for all users - Click for free version - . Members gain access to a full suite of dashboards.
All the details in the links below, which take you to the updated blog posts for each.
APRA Superannuation Stats plus SMSF, Adviser and Population Overlay - Click here
ATO SMSF Statistics Plus Adviser Overlay - Click Here
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