Financial Adviser Insights, May 9, 2024
Adviser Numbers This week - Increased by +14, From 15,597 to 15,611
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Summary For The Week
Advisers numbers jumped back above 15,600. The improvement was driven by the wave of new entrants appearing on the ASIC FAR after officially passing the March Financial Adviser Exam.
Key Adviser Movements This Week:
Net change of advisers +14
Current number of advisers at 15,611
Net Change Calendar 2024 YTD (-4)
Net Change Financial YTD +56
29 Licensee Owners had net gains of 41 advisers
19 Licensee Owners had net losses for (-27) advisers
2 licensees commenced, zero ceased
14 New entrants
Number of advisers active this week, appointed / resigned: 74.
Growth This Week - Licensee Owners
A new licensee commenced with seven advisers. The licensee is a former practice operating under the Synchron licensee, owned by WT Financial Group.
Politis Investment Strategies up by three, all being new entrants
Four firms up by two each:
Togethr Trustees (Super Fund) - with both advisers from different licensees
Fortnum who appointed two advisers at Personal Financial Services, one being a new entrant and in their Fortnum licensee, hire one from GPS Wealth, now owned by Count and lost one who is not showing as appointed elsewhere
Canaccord Group, both being new entrants
Australian Retirement Trust, both being new entrants.
A tail of 23 licensees up by one each including; Shartru, Spark and Insignia.
Losses This Week - Licensee Owners
WT Financial Group, down by net five. As mentioned earlier, losing seven advisers to a new licensee. They did appoint two advisers, one a new entrant and one from AAN Wealth.
Count Limited down by four, losing six advisers of which five were at Merit Wealth and gained two advisers, one each at Count, adviser coming from Findex and Paragem, with the adviser coming from Charter
AMP Group down by 2 advisers
A tail of only 16 licensee owners down by net one each including; Boyce, Picture Wealth and Bannister Consulting.
Advisers Opportunities - Never Been Better?
At this week’s Financial Newswire’s conference, ‘Advice, Wealth and Super Rewired’ in the Hunter Valley NSW. Part of my presentation is to review the opportunities for advisers. A key driver of adviser opportunity is superannuation.
The chart below highlights a couple of critical numbers: The first being the amount of super assets divided by the number of advisers. As of the Dec 2024 quarter, that number is at $226 Mil per adviser. Back in 2019 it was $88 Mil per adviser. This is a jump of 256%. The next number is the total population divided by the number of advisers. That has risen from 901 to 1,723 or 191%.
The numbers have been driven by a combination of a slide in the number of advisers and increase in super assets and the overall population.
One can look at this as a massive opportunity for the remaining advisers and also how many people will miss out on quality advice due to the scarcity of advisers. The number of advisers has steadied over recent times. However, there is room to increase the adviser numbers given that 19,527 have passed the Financial Adviser (FASEA) Exam, but less than 15,600 advisers are practicing. A potential pool of some 4,000 advisers.
Opportunities Rising For Current Advisers As Super Assets And The Population Increases
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