Females account for less than a quarter of advisers
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, what period was the advertising money spent (i.e. over 12 months or another period the study looked at)? I'm…
Its on the APRA website.
Where was the data published?
Retail funds using index managed funds are cheaper than Industry funds 95% of the time.
I thought member funds are for member benefits and NOT for advertising. And if these industry funds are so good…