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Count set to supplant Insignia as second largest advice player

Mike Taylor23 February 2024

Count Limited may well supplant Insignia Financial as Australia’s second-largest financial planning business behind AMP Limited, according to the latest analysis from WealthData.

In the wake of yesterday’s Insignia’s results announcement to the Australian Securities Exchange (ASX) and the upcoming finalisation of Count Limited’s acquisition of Diverger, WealthData principal, Colin Williams said Count would have a total of 729 advisers on the Financial Adviser Register.

Noting that the completion of the Diverger acquisition will take place on 1 March, Williams noted that while Count had stated its adviser numbers at 550 in its half-year results, this did not represent the entire picture.

He said that when advisers who are restricted to SMSFs were taken into account the number totalled 729 of all types of advisers and 575 who give holistic advice.

“Meanwhile, insignia announced that Godfrey Pembroke is no longer part of the group. Godfrey Pembroke currently have 52 advisers. The total number of advisers at Insignia will drop to 727,” he said.

“On the assumption that the above will proceed in the coming weeks, in total numbers, Count will leapfrog Insignia to be the second-largest group of advisers at 729, 142 behind AMP Group who have 871 and 2 advisers ahead of Insignia at 727.”

Key Adviser Movements This Week:

  • Net change of advisers (-10)
  • Current number of advisers at 15,634
  • Net Change of +21 for Calendar 2024 YTD
  • Net Change Financial YTD +80
  • 26 Licensee Owners had net gains of 28 advisers
  • 35 Licensee Owners had net losses for (-38) advisers
  • 2 New licensees and 4 ceased
  • 6 New entrants.
  • Number of advisers active this week, appointed / resigned: 81.

Growth This Week – Licensee Owners

  • Centrepoint continue their solid start to the year, up by another 2 and up by 14 YTD, making them the growth leaders YTD. They hired 3 advisers, including a new entrant, and lost 1 adviser.
  • A new licensee commenced with 2 advisers. The advisers moving away from Alteris Financial Group (CIP Licensing Limited)
  • A tail of 24 licensee owners are up by +1 each including WT Financial Group, Perpetual, Industry Super Holdings and Bannister Consulting.

Losses This Week – Licensee Owners

  • Three licensee owners down by (-2):
    • AAN Wealth Management, both advisers yet to be appointed elsewhere
    • Akela Ventures who are now down to zero advisers. Both advisers not appointed elsewhere
    • Alteris Financial Group – as mentioned above, both advisers opening their own AFSL
  • 32 licensee owners down by (-1) each including Insignia, Diverger and Morgans Group.
Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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