2024 financial adviser market improves upon previous year
Despite ending 2024 and heading into 2025 with a net loss of 34, the Australian financial adviser market has capped off the calendar year by improving upon the previous period, according to the latest analysis from Wealth Data.
The market improved upon its final 2023 figures in several areas, including commencing the year with 15,623 advisers and finishing at 15,480 to record a net loss of (-143), compared to 2023’s net loss of (-181); having 505 new advisers enter the market with 476 remaining, compared to 2023’s 408 new entrants and 366 remaining; and seeing 118 licensees start up, compared to 114 in 2023.
However, the data also indicated that more licensees ceased in 2024 (97) than they did in 2023 (63), with 80 per cent of those closing in the last calendar year having commenced prior to 2021. The data also showed that of the 19 licensees that both commenced and ceased between 1 January 2021 and 31 December 2024, 71 per cent of the 108 affected advisers were still listed on the Financial Adviser Register (FAR). Williams said this suggests a higher rate of involvement in mergers and takeovers, as they are still practicing.
From 19 December 2024 to 9 January 2025, Entireti (now home to AMP Financial Planning) and Perpetual Private saw the highest losses with 10 and eight respectively. In this same period, there only 16 new entrants – despite the release of November’s Financial Adviser Exam results – and 135 advisers affected by resignations or appointments.
“I was hoping for a bigger jump in the number of new entrants (as Provisional Advisers) through December, as the November Financial Adviser Exam results were very good with 225 passing,” Wealth Data lead, Colin Williams, said.
“Many have come onto the FAR but at a slower rate than I was expecting. We might see a jump in next week’s reporting. The losses at Entireti and Perpetual were also quite high. We may see some of the advisers reappointed soon.”
Centrepoint Group (39), Finchley & Kent (37) and Picture Wealth (34) recorded the highest growth in licensees for the 2024 calendar year, while Entireti (-90), Count Limited (-74) and WT Financial Group (-40) saw the least amount of growth over the same period. Williams said 59 of Entireti’s losses could be attributed to its AMP Group licensees acquired as part of the wider AZ NGA transaction.
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Net change of advisers (-34)
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Current number of advisers at 15,481
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Net Change Calendar 2024 (-143)
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Net Change Calendar 2025 YTD +1
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Net Change Financial YTD +139
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32 Licensee Owners had net gains of 39 advisers
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44 Licensee Owners had net losses for (-71) advisers
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3 new licensees commenced and 4 ceased
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16 New entrants
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Number of advisers active this period, appointed / resigned: 135.
Growth – Licensee Owners
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Seven licensee owners up by two:
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Templestone with both advisers moving from AMP Financial Planning, now part of Entireti
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Maura McCabe (Banyan Securities), both advisers moving across from Watershed Dealer Services
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Lifestyle Asset Management, one adviser coming back after a break of a few months and another moving across from Focused Financial Advice
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Industry Super Holdings with one adviser coming back after a break of several years and one from United Super
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Centrepoint with one new entrant and one from Vivid Financial Planning
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Canaccord losing one adviser and gaining three from Bell Potter
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New Licensee with advisers from Consultum (Rhombus).
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A long tail of 25 licensee owners up by net one each including; the two additional new licensees, Morgan Stanley, Lifespan and Shartru.
Losses – Licensee Owners
- Entireti had a busy period down by net 10. They picked up five advisers, two being new entrants and lost 15. Only two of the 15 have been appointed elsewhere to date.
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Perpetual down by eight, none are showing as being appointed elsewhere to date
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Three licensee owners down by three:
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Bell Financial, lost four advisers, three to Cannacord and appointed one new entrant.
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Janus Financial with the three advisers yet to be appointed elsewhere
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MWL with all three advisers yet to be appointed elsewhere.
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Five licensee owners down by two, including Infocus, Insignia and Euoz
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A very long tail of 34 licensee owners down by net one each including ASVW Holdings, Morgans Group, Shaw and Partners, and Viridian.
Very optimistic view of the figures. People are still leaving and this will continue in 2025.