Exam passes drive adviser numbers back above 15,600
The latest financial adviser exam results have helped lift numbers on the Financial Adviser Register back above 15,600, according to the latest analysis from WealthData.
The analysis showed that there was an increase of 14 advisers on the FAR bringing total numbers to 15,611, although it also shows that numbers are still down in calendar year to date terms.
Key Adviser Movements This Week:
- Net change of advisers +14
- Current number of advisers at 15,611
- Net Change Calendar 2024 YTD (-14)
- 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 new licensee commenced with three advisers, with a practice from AMP Financial Planning commencing their own AFSL
- Four licensee owners up by plus 2 each:
- Shaw and Partners picking up one adviser each from Macquarie Equities and Personal Financial Services now owned by Fortnum
- Optimal AFSL with one new entrant and the other adviser returning to the licensee after a short break
- Morgans with one new entrant and one adviser from Fiducian Group
- CHPW Financial picking up both advisers from Interprac, owned by Sequoia
- A long tail of 23 licensee owners up by net one each including; Spark Partnership Group, Shartru 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
- Group dominated the losses, down (-12). As mentioned above, losing advisers to PSK and a new licensee.
- 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.
When the QAR bill becomes law and super funds either cease or significantly reduce fees that advisers can receive, we will see another adviser exodus that will be devastating. As advisers leave the ASIC funding levy and CSLR cost per remaining adviser will increase exponentially, thus increasing the rate of adviser exits. It will turn into a stampede to get out or go bankrupt. From the way the laws are being structured I cannot see any other outcome.