Financial Adviser Market Insights, Sep 19, 2024
Adviser Numbers Increased By 5, Moving From 15,511 To 15,516
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Weekly Summary
The total number of advisers increased by five, despite another solid week of 16 new entrants. This indicates that some 11 experienced advisers dropped off the ASIC FAR this week.
Only the one new licensee commenced and one ceased.
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Key Adviser Movements This Week:
Net change of advisers +5
Current number of advisers at 15,516
Net Change Calendar 2024 YTD (-106)
Net Change Financial YTD +173
31 Licensee Owners had net gains of 36 advisers
27 Licensee Owners had net losses for (-32) advisers
1 new licensees commenced and one ceased
16 New entrants
Number of advisers active this week, appointed / resigned: 74.
Growth This Week - Licensee Owners
Four licensee owners up by net two advisers this week:
Sherrin Partners with both advisers switching from Millenium 3 owned by WT Financial Group
Perpetual with one adviser moving from Securinvest and the other from Grimsey Wealth
Ord Minnett with both advisers being new entrants
Centrepoint with one adviser moving from AMP Group and one new entrant.
A tail of 26 licensee owners up by net one adviser including;Telstra, Lifespan, Infocus and Sequoia.
Losses This Week - Licensee Owners
Five licensee owners were down by net two advisers
Apex Macro Financial - both advisers yet to be appointed elsewhere
Bennet and Co - Both advisers moved to Gamma Wealth on July 1, 2024. Bennett and Co is now down to zero advisers
Count Limited with three advisers leaving Merit Wealth, which generally offers restricted services. One of the advisers being appointed at EMR Services and the other two not appointed elsewhere. Count Limited gained one adviser as a new entrant at Paragem.
James Wright (Sayers Wealth) with both advisers yet to be appointed
Stuart Aaron Mangion (Firestone Financial Services) with both advisers not appointed elsewhere.
22 licensee owners down by net one each including Bombora, Macquarie Group, NGAA and Shartru.
Net Change of Advisers YTD - Zero for Financial Planning Business Model
As we approach the end of the end of the third quarter, it’s noteworthy that the Financial Planning business model shows no net change in advisers for the year to date. This model includes firms that provide holistic advice.
The Accounting - Financial Planning model, which consists mainly of accounting firms offering holistic advice, has gained 13 advisers.
Meanwhile, the Accounting - Limited Advice Model, which provides mostly restricted advice for SMSF clients, has lost 71 advisers (down 12.41%).
The Super Fund Based Advice model, mainly composed of industry super funds giving advice, has decreased by 45 advisers (down 6.30%). This decline is largely due to mergers among super funds and advisers previously limited to basic superannuation advice being removed from the ASIC FAR.
Change of Advisers By Business Model to Jan 1, 2024 to Sep 19 2024
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