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Females account for less than a quarter of advisers

Mike Taylor25 October 2024

Despite the best efforts of the financial planning profession it remains a heavily male-dominated domain, according to the latest analysis from WealthData.

According to WealthData principal, Colin Williams, men still account for 78% of advisers registered on the Financial Adviser Register (FAR) with their highest representation (38%) being in the accounting/limited advice space.

They are also more women than average in the superannuation advice space where they account for 33% of advisesrs.

What is more, the number of female advisers has actually declined marginally from last year, when women accounted for 23% of advisers in the profession overall.

The almost negative growth in the number of female advisers comes at a time when overall numbers are growing only modestly on the FAR and remain in negative territory in calendar year to date terms.

Key Adviser Movements This Week:

  • Net change of advisers (-11)
  • Current number of advisers at 15,512
  • Net Change Calendar 2024 YTD (-113)
  • Net Change Financial YTD +169
  • 20 Licensee Owners had net gains of 20 advisers
  • 19 Licensee Owners had net losses for (-31) advisers
  • 2 new licensee commenced and 2 ceased
  • 3 New entrants
  • Number of advisers active this week, appointed / resigned: 52.

Growth This Week – Licensee Owners
The first week that I can recall of no licensee owners gaining more than one adviser!

We had a 20 licensee owners gaining net one adviser each including:

  • Two new licensees with one adviser leaving Shaw and Partners and the other leaving Reedy Capital owned by Justin J Reedy.
  • AMP Group appointed two advisers, one being a new entrant and another switched from Millennium 3 owned by WT Financial Group. One adviser ceased and is not showing as being appointed elsewhere.
  • Other licensee owners up by net one include Fortnum, Fitzpatricks and Centrepoint.

Losses This Week – Licensee Owners

  • Four licensee owners down by three:
    • Justin James Reedy (previously trading as Reedy Capital) now ceased after losing the remaining three advisers. All three advisers have been appointed elsewhere, at three different licensees
    • NGAA (Next Generation Advice), now ceased after ASIC Cancelled their AFSL – all three advisers yet to be appointed.
    • Rhombus with the three advisers also yet to be reappointed elsewhere
    • WT Financial Group, two of the three advisers that left have been appointed, one at Charter (AMP Group) and the other at Capstone
  • Four licensee owners down by two each:
    • Financial Services Group, both advisers were ‘new entrants’ for 2024 and are yet to be appointed elsewhere
    • National Tax and Accounting (NTAA), SMSF Advisers Network, both not appointed elsewhere
    • PSK Group, both not appointed elsewhere and one was a new entrant for 2024
    • Sentinel Wealth Management, both advisers yet to be appointed elsewhere.
  • Only 11 licensees owners down by net one each including Shartru, Lifespan and Oreana.
Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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