Financial Adviser Insights, March 7, 2024
Adviser Numbers, No Change This week - Remaining At 15,625
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Summary for the week
Despite the net movement of advisers being at zero, it was a busy week with some ‘old-fashioned battles’ at larger licensees as they take advisers off each other.
We added the Diverger licensees to Count Limited, after their announcement that the deal is now complete. This takes Count to 3rd largest advice group, still behind Insignia. Insignia have yet to disclose the finalisation of a deal that would see Godfrey Pembroke return under majority ownership of its advisers. More details below.
Key Adviser Movements This Week:
Net change of advisers zero
Current number of advisers at 15,625
Net Change of +11 for Calendar 2024 YTD
Net Change Financial YTD +71
34 Licensee Owners had net gains of 51 advisers
26 Licensee Owners had net losses for (-48) advisers
1 new and 1 licensee recommencing. 4 ceased
8 New entrants.
Number of advisers active this week, appointed / resigned: 99.
Growth This Week - Licensee Owners
Insignia had the greatest gain for the week, up by 5. This was driven by Insignia’s RI Advice appointing 4 advisers from Millennium 3, which is now owned by WT Financial Group
Three licensee owners up by net four:
Shaw and Partners continue their growth with 4 advisers joining from Morgan Stanley - the advisers are still showing as authorised at Morgan Stanley. We suspect they will cease at Morgan Stanley in the next week or so. Licensees have 30 days to register appointments and resignations.
A new licensee commenced with 4 advisers who left Interpac, owned by Sequoia
Count up by net 4, driven by appointing 5 advisers from AMP Financial Planning
Ord Minnett up by 3, all being new entrants
Three licensee owners up by net 2 each including Centrepoint who gained 2 advisers from different licensees
25 licensee owners up by net 1 each including Perpetual, Koda, Fiducian and AAN Wealth.
Losses This Week - Licensee Owners
AMP Group down by (-8). As mentioned earlier, they lost 5 advisers to Count
Sequoia down by (-7). A rare big weekly loss for the group. Losses driven by the 4 advisers who commenced their own licensee (mentioned above) and 2 advisers to GPS now owned by Count
WT Financial Group down by (-4). As highlighted above, losing 4 from Millennium 3, which they purchased from Insignia just prior to the close of 2023.
Telstra down by (-3), none showing as being appointed elsewhere
Four licensee owners down by (-2) including Clime Group (Madison), Findex and Fortnum.
18 licensee owners down by (-1) each, including Picture Wealth and Beryllium Advisers.
Largest Advice Groups
With Count acquiring Diverger and their licensees, Count now jump into third position. Insignia had indicated that a deal to sell their Godfrey Pembroke licensee back to advisers, but that deal has not been announced as finalised.
The chart below shows the three largest licensee owners and their current adviser numbers. We have also included the advisers who are authorised to provide advice of investments held on a Wrap (ASIC describes this as an IDPS). This is a good guide to distinguish advisers who are authorised to provide advice beyond a restriction of SMSF admin based advice.
Count is showing a total of 731 Advisers across the licensees. However, the group is at 730, as one adviser is authorised at two Count licensees. Insignia is at 784 with 54 sitting at Godfrey Pembroke. If the Godfrey Pembroke advisers leave, that would put Insignia at 730 and be equal to Count
Insignia do have a far greater number of advisers authorised to offer investments via a wrap at 779, versus Count at 578. This is mostly due to Count owning Merit Wealth who have a total of 142 advisers, but only 16 that can offer investments via wrap. Most advisers at Merit Wealth would be specialist SMSF advisers.
Top Three Adviser Groups, March 7, 2024
SMSF Statistics - PowerPoint Deck
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The SMSF presentation is available at our newly created store page - click here for the store
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