Financial Adviser Market Insights, Oct 24, 2024
Adviser Numbers decreased By 11, Moving From 15,523 To 15,512
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Weekly Summary
The adviser market dropped by a net 11 advisers this week. The loss was driven by two licensees ceasing and a very low number of new appointments. Potentially, some of the losses may well be in the process of switching from one licensee to another.
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Key Adviser Movements This Week:
Net change of advisers (-11)
Current number of advisers at 15,512
Net Change Calendar 2024 YTD (-113)
Net Change Financial YTD +169
20 Licensee Owners had net gains of 20 advisers
19 Licensee Owners had net losses for (-31) advisers
2 new licensee commenced and 2 ceased
3 New entrants
Number of advisers active this week, appointed / resigned: 52.
Growth This Week - Licensee Owners
The first week that I can recall of no licensee owners gaining more than one adviser!
We had a 20 licensee owners gaining net one adviser each including:
Two new licensees with one adviser leaving Shaw and Partners and the other leaving Reedy Capital owned by Justin J Reedy.
AMP Group appointed two advisers, one being a new entrant and another switched from Millennium 3 owned by WT Financial Group. One adviser ceased and is not showing as being appointed elsewhere.
Other licensee owners up by net one include Fortnum, Fitzpatricks and Centrepoint.
Losses This Week - Licensee Owners
Four licensee owners down by three:
Justin James Reedy (previously trading as Reedy Capital) now ceased after losing the remaining three advisers. All three advisers have been appointed elsewhere, at three different licensees
NGAA (Next Generation Advice), now ceased after ASIC Cancelled their AFSL - all three advisers yet to be appointed.
Rhombus with the three advisers also yet to be reappointed elsewhere
WT Financial Group, two of the three advisers that left have been appointed, one at Charter (AMP Group) and the other at Capstone
Four licensee owners down by two each:
Financial Services Group, both advisers were ‘new entrants’ for 2024 and are yet to be appointed elsewhere
National Tax and Accounting (NTAA), SMSF Advisers Network, both not appointed elsewhere
PSK Group, both not appointed elsewhere and one was a new entrant for 2024
Sentinel Wealth Management, both advisers yet to be appointed elsewhere.
Only 11 licensees owners down by net one each including Shartru, Lifespan and Oreana.
Gender Split - Any Changes?
For as along as I have been involved in financial planning, there has been a call to have more female advisers, as financial planning had always been dominated by males. Unfortunately, not much has changed despite the best efforts of many.
Currently, our records indicate that only 22% of all financial planners on the ASIC Financial Adviser register are female. When we last analysed the data, back in September 2023, it was 23%. Previous estimates over the years have always hovered around 25 to 30%. The numbers were slightly higher when banks had large salaried adviser networks with above average number of female advisers.
Under our business models, there are some that favour female advisers as per chart below.
Gener Split Across Business Models - Dashboard 15, Licensee Deep Dive
The data shows that Accounting - Limited Advice has the highest percentage of female advisers at 38%, but this group mainly consists of advisers focused on SMSF administration, totalling only 491 advisers (186 female).
Investment Advice, primarily represented by firms like Macquarie and Shaw and Partners, has the lowest female representation, with some firms having less than 10%.
Financial Planning, the larges model with a focus on holistic advice, averages 22%. Among firms with more than 100 advisers, only 2 have more than 30% female advisers, while 5 have less than 20%.
Super funds have a 33% female representation, with two specific funds around 50%.
As for new advisers, there are currently 430 Provisional Advisers listed, with 29% female. Of all advisers that started from January 1, 2019 (and current on the FAR), 28% are female, a slight decrease from 30% for those who began between January 2013 and December 2018.
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