Adviser Numbers This Week decreased by (-2), Moving From 15,509 to 15,507

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Weekly Summary
The net number of advisers decreased by two, despite another solid week of new entrants at ten. Three new licensees commenced and one ceased.

Please note: Through to September 9 - weekly updates will be completed by close of business each Monday.

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Key Adviser Movements This Week:

• Net change of advisers (-2)

• Current number of advisers at 15,507

• Net Change Calendar 2024 YTD (-114)

• Net Change Financial YTD +166

• 24 Licensee Owners had net gains of 39 advisers*

• 28 Licensee Owners had net losses for (-66) advisers*

• 3 new licensees commenced and (-1) ceased

• 10 New entrants

• Number of advisers active this week, appointed / resigned: 108.

*The difference between the net gains of 39 advisers and the losses of 66 is (-27). However, many losses include advisers who were authorised with multiple licensees and did not fully cease on the ASIC FAR. Therefore, the actual net loss of advisers is only (-2).

Growth This Week - Licensee Owners

• A new licensee commenced with 4 advisers. Two of the advisers were previously with United Global Capital and the other two coming back onto the FAR after a break.

• Finchley & Kent continue to transition advisers from Havana Financial owned by O & Z Pty Ltd and up by net three this week

• Four licensee owners up by net two including:

  • Fortnum with three new entrants and losing one adviser

  • Financial Advice Co with one new entrant and one adviser coming back after a break

  • Elston Group with two new entrants

  • ABC Financial Planning with both advisers coming back after a break.

• 24 licensee owners up by net one including Centrepoint, Shartru and UniSuper.

Losses This Week - Licensee Owners

• Sambe Investments down by (-23). However, all the advisers had previously transitioned to Finchley & Kent

• O & Z Pty Ltd, (Havana). Down by 7. However, as is the case with Sambe Investments, all the advisers had transitioned to Finchley & Kent

• AMP Group down by four, losing five advisers and gaining one

• Seven licensee owners down by net two including, CBA, Infocus and Rhombus

• Eighteen licensee owners down by net one including, Fiducian, Ord Minnett and Sequoia.

New Entrants - How Many Stay?

The chart shows new entrants and those leaving the ASIC FAR each quarter since 2023.

For the first three quarters, the grand totals are similar: 95, 93, and 131 for 2023, compared to 85, 94, and 125 for 2024. However, in 2023, 10, 9, and 14 new entrants left, meaning over 10% of new entrants have ceased. In 2024, those numbers dropped to 1, 3, and 1. This data highlights the challenges firms face in keeping new hires for a one year.

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