Financial Adviser Insights, May 23, 2024
Adviser Numbers This week - Increased by +8, Moving From 15,630 To 15,638
Weekly Summary
Financial adviser numbers continue to grow with net numbers up by eight for the week and taking the YTD number to +22. At the same time last year, we were up by +24, so the numbers are very similar.
We have been tracking the new / ceased licensees more closely over recent weeks and YTD, the numbers are now even. We have seen 43 commence and 43 ceased.
This week we updated our SMSF Statistics dashboards - More details here and at the bottom of this post.
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Key Adviser Movements This Week:
Net change of advisers +8
Current number of advisers at 15,638
Net Change Calendar 2024 YTD +22
Net Change Financial YTD +82
27 Licensee Owners had net gains of 38 advisers
21 Licensee Owners had net losses for (-30) advisers
One licensee recommenced (see notes below), and four ceased
8 New entrants
Number of advisers active this week, appointed / resigned: 58.
Growth This Week - Licensee Owners
A licensee ceased but effectively recommenced, albeit under a new AFSL number. Technically, it is a new licensee, despite most advisers ceasing from the old licensee and switching to the new one, on the same day. The number of advisers appointed (switched) was seven while eight ceased.
AMP Group increased by five. One adviser being a new entrant, two coming back to advice after a break and two from different licensees
Lifespan up by two, one being a new entrant and one from switching from Wealth Trail
A tail of 24 licensee owners were up by net one including; Morgans Group, Bombora Advice and Koda Capital.
Losses This Week - Licensee Owners
As mentioned above, one licensee ceased and recommenced under a different AFSL. The number of advisers ceasing was eight
Insignia down by two, both advisers leaving Consultum and to date, not appointed elsewhere
Morgan Stanley also down by two, both advisers not showing as being reappointed elsewhere
A tail of 18 licensee owners down by one, including; Centrepoint, Steinhardt Holdings (Infocus) and Wilsons. The three remaining licensees that closed, only had one adviser each. One ceased after starting in quarter one this year.
SMSF Statistics - Released This Week
ATO released the SMSF Statistics to March 2024. The SMSF data, when released each quarter, tends to affect past data, as the processing of the most recent ‘windups’ takes time to filter into the data.
We have updated our dashboards for our members and the free limited dashboards (see Free Dashboards In main Menu).
A PowerPoint presentation that contains snapshots of all the dashboards, is available for a small fee from the ‘Store’
The blog post highlighting the key data points can be accessed by clicking here.
Financial Adviser Landscape - Presentation - Free Download
Last week, I presented at the FNW ‘Advice, Wealth and Super Rewired’ conference. Below, you can access the presentation for free. There are a number of charts that cover:
Financial Adviser Movement back to 2017
Calendar YTD movement including most growth / the least growth firms
Share price movement over five years of ASX listed firms associated with financial planning / wealth
The growth and impact of Micro AFSLs
New entrants - year by year
Gross revenue of advisers
Adviser opportunities - Growth of super and much more.
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