Clime registers own advice license

The sale this year of Madison Financial to Infocus Wealth Management by Clime Investment has continued to play out with eight advisers moving under a Clime Advice license which will be serviced by Infocus.

The latest analysis of the Financial Adviser Register by WealthData principal, Colin Williams, has confirmed the move and the manner in which it had been agreed that Clime intended to create its own license.

The move came as financial adviser numbers continued to fluctuate this week but remained above 15,500.

Key Adviser Movements This Week:

• Net change of advisers (-3)
• Current number of advisers at 15,509
• Net Change Calendar 2024 YTD (-116)
• Net Change Financial YTD +166
• 29 Licensee Owners had net gains of 47 advisers
• 30 Licensee Owners had net losses for (-49) advisers
• 5 new licensees commenced and seven ceased
• 8 New entrants
• Number of advisers active this week, appointed / resigned: 88.

Growth This Week – Licensee Owners

• Clime Group set up a new licensee, Clime Advice Pty Ltd, with eight advisers who moved from Madison, previously owned by Clime before its sale to Infocus. As part of the agreement with Infocus, Clime planned to create their own licensee, while Infocus would provide all necessary licensee services.
• WT Financial Group up by net four – three being new entrants plus one adviser from Picture Wealth Group
• SGN Financial also up by four advisers, all moving across from AdviceIQ
• Secureinvest Financial Planners up by net three with all three leaving RI Advice, now owned by Rhombus.
• Three licensee owners up by net two:
  • A new licensee with advisers leaving Integrity Financial Planners
  • Koda Capital with both advisers coming back onto the FAR after lengthy breaks.
  • Janus Financial including one new entrant the other being a timing issue of an adviser switching licensees owned by Janus.
• 22 licensee owners up by net one each including Shaw and Partners, Morgans and Capstone.

Losses This Week – Licensee Owners

• Infocus is down by 10, with eight moving to Clime. Infocus still offers licensee services to the advisers. Three other advisers have ceased and have not been appointed elsewhere yet, while one new entrant has been hired.
• Rhombus down by five, with three joining Secureinvest and another joining Core Value FA. Another adviser resigned and not appointed elsewhere to date.
• AdviceIQ Partners down by four, as above, all moving to SGN Financial
• Three licensee owners down by two:
  • Integrity Financial, advisers starting their own licensee
  • Perpetual Group, both advisers not showing as being appointed elsewhere
  • Sexton Pty Ltd, both advisers not showing as appointed elsewhere
• A long tail of 24 licensee owners down by one each including Canaccord Group, Pitcher Partners and Sequoia.