Adviser Numbers decreased By 1, Moving From 15,524 To 15,523

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Weekly Summary
One of the quietest weeks for the financial adviser market with a net movement of just (-1), and only 52 advisers affected by either resignation or appointment. Two new licensees commenced and none ceased. Nine new entrants commenced indicating that ten experienced advices exited.

This week have provided a snapshot of the September quarter which was very positive - see details below.

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Key Adviser Movements This Week:

• Net change of advisers (-1)

• Current number of advisers at 15,523

• Net Change Calendar 2024 YTD (-102)

• Net Change Financial YTD +180

• 18 Licensee Owners had net gains of 23 advisers

• 16 Licensee Owners had net losses for (-24) advisers

• 2 new licensee commenced and none ceased

• 9 New entrants

• Number of advisers active this week, appointed / resigned: 52.

Growth This Week - Licensee Owners

• A new licensee commenced with four advisers who left Wealth Matters - details given to members

• Another new licensee commenced with two advisers, both leaving Cobalt

• Templestone Financial Services are up by two with one adviser joining from Finchley & Kent and the other moving across from IMFG. Templestone now have 19 advisers.

• A short tail of 15 licensee owners up by net one including Viridian, Sequioa and Beryllium Advisers. Industry Super Holdings also up by net one after hiring two new entrants and losing one adviser.

Losses This Week - Licensee Owners

• Wealth Matters down by four after a practice left to commence their own licensee

• AMP Group down by three, after losing four advisers, none appointed elsewhere to date, and appointing one new entrant

• Three licensee owners down by two advisers

  • Cobalt after two left to commence their own licensee

  • Infocus with both advisers not appointed elsewhere to date

  • Shaw and Partners and both advisers yet to be appointed elsewhere.

• Only 11 licensees owners down by net one each including Fortnum, Count and Insignia.

The September Quarter - Snapshot
With the September quarter all but behind us, (licensees have 30 days to report adviser changes), it's time to review last quarter's performance. Below is a summary taken from the 1-Key Data Summary Page of Adviser Fast Facts, available to members. The dates covered are July 1 to September 30, 2024. Key data in grey compares this quarter to the same period last year.

The good news is that this quarter had better adviser growth up by 159 versus 108.

The chart above is for all business models. If we focus on the three major business models that are predominately holistic advice businesses, these being Financial Planning, Investment Advice and Accounting Financial Planning (92% of all advisers), the growth improves again to 184 compared to 143 for 2023. This change is due to the losses at Superannuation businesses (-10) and Limited Advice models (-15).

A couple of stand out licensee owners with Picture Wealth up by 41 and Finchley and Kent up by 37. Picture Wealth gained most of their growth with the purchase of AAN Wealth and Finchley & Kent benefited with the advisers moving from Sambe Investments.

As for least growth, both AAN Wealth and Sambe Investments suffered the greatest losses of (-28) and (-23) respectively.

The number of new licensees is similar with 36 in this quarter and 38 in the 2023. However, this quarter saw 19 ceased, making that a net change of 17 compared to nine ceasing in 2023, making that quarter a net change of 29.

New entrants driving growth - This quarter’s growth is due to the increased number of new advisers starting this quarter compared to last year. The chart below shows that 201 new entrants began this September compared to 131 in Sep 2023.

Be careful with the dates - The quarter's growth is encouraging, but we caution against relying on start dates of new years due to the high number of advisers ceasing at year-end. For example, just shifting the start date to June 23 shows a net growth of -65 to September 30, 2024, compared to -97 in 2023.

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