2024 starts with 15,643 financial advisers
The Australian financial advice profession kicks off 2024 with 15,643 advisers on the Financial Adviser Register – 173 fewer than the same time last year.
However, the good news is that the while there was a net loss of advisers, the level of new entrants has continued to grow over the past 12 months and this seems likely to continue into the new year.
According to the latest analysis from WealthData, there were actually 15 new advisers registered to kick-off 2024 for of whom were new entrants.
WealthData principal, Colin Williams said it represented a positive start to the year, notwithstanding the typical uptick in exits which had been expected in December and which had flowed through to the January numbers.
Key Adviser Movements
- Net change of advisers at (-24)
- Current number of advisers at 15,643
- Net Change of +15 for Calendar YTD
- Net Change Financial YTD +86 (dropping from +111)
- 24 Licensee Owners had net gains of 33 advisers
- 33 Licensee Owners had net losses for (-52) advisers
- 3 New licensees (one is just a switch) and 2 ceased.
- 4 New entrants.
- Number of advisers active this week, appointed / resigned: 101.
Growth This Week – Licensee Owners
- Centrepoint up by 6 which included 4 advisers from Crown Wealth
- Four licensee owners up by +2.
- Janus adding 2 to their Akambo AFSL
- Beryllium Advisers with both advisers from Australian Mortgage and Financial Advisers
- Forbes AFSL, with both advisers from Affinia now owned by Count Limited
- A new licensee commencing with 2 advisers from Capstone.
- 8 licensee owners down by (-2) each including Capstone,
- 19 licensee owners up by 1 each including Viridian, Insignia, and Canaccord.
Losses This Period – Licensee Owners
- Diverger down by (-5), and none appointed elsewhere to date
- Ord Minnett down by (-4), again, none appointed elsewhere to date
- Count Limited and Findex both down by (-3)
- 8 licensee owners down by (-2) each including Capstone, Morgan Stanley and WT Financial Group
- 21 licensee owners down by (-1) each, including Fitzpatricks, Fortnum and Shaw and Partners.
And All Advisers & AFSLs have to waste time signing up again EVERY existing Adviser to a new ASIC register section on FAR.
WTF does this achieve ?
Anyone please explain ?
That we are “Fit and Proper people” God give me strength to keep putting up with this bullshit!
Haven’t ALL Advisers already shown “Fit & Proper people” status being granted an Adviser Rep, credit checks, disclosures, etc ?
Having passed FARSEAcal exam, declarations to be bound by FARSEA code, etc ?
What new is achieved or is it just stupid ASIC Triplication of Red Tape BS.
Yep, my point exactly
Keep in mind that the adviser numbers will soon skyrocket with all the new qualified advisers coming online.