FY loss of advisers approaches 348
As the advice profession moves towards the close of another financial year, new analysis from WealthData shows an overall net loss of 348 financial advisers and the registration of 101 new licensees.
The analysis is based on licensees and advisers providing holistic advice and has found that while 49 licensees closed, 101 mostly “micro-AFSLs” with between one and four advisers had opened up.
At the same time, it revealed which licensee owners had grown over the period – generating a few surprises and which licensees had shown least growth in adviser numbers in a 12 month period during which 10,913 advisers was reduced to 10,565.
The top five growth licensees identified by WealthData were MBS, PSK, Fortnum and Zurich.
Key Adviser Movements This Week:
- Net Change of advisers up by (-5)
- Net Change of +43 for 2023 Calendar YTD
- 21 Licensee Owners had net gains for 26 advisers
- 20 Licensee Owners had net losses for (-27) advisers
- 3 new licensee and 0 ceased
- 5 New Entrants
- Number of advisers active this week appointed / resigned: 70.
Summary
Another week of losses which is disappointing. Calendar YTD is starting to drop off over the last 28 days from net growth of 71 to 43. Calendar YTD, we have seen 136 New Entrants.
Growth This Week
- A new licensee commenced with 3 advisers after leaving WTL Financial Group (Synchron)
- Australian Administration Services (Link Group) up by 2, one being a new entrant and the other is ex WT Financial Group (Sentry)
- AMP Group also up by 2 after hiring 3 advisers, 2 being new entrants and losing 1 adviser
- Alexander Euvrard (Havana) also up by 2, picking up 1 adviser from Spark Advisers and another adviser returning after a short break
- 17 licensee owners up by net 1 each including 2 new licensees, Count and AIA Company.
Note: On a licensee level, there were 5 appointments at Australian Executor Trustees (AET) who are also currently authorised at Equity Trustees Limited, both owned by EQT Holdings (EQT). However, ASIC is still showing AET as being owned by Insignia who sold the business to EQT last year. As a result, Insignia is benefiting by 7 current advisers on the registrar and a gain this week of 5 at AET. The gains were diluted by losses of (-7) across other Insignia licensees.
Losses This Week
- FSSSP Financial Services (Aware Super) down by (-3) – none appointed elsewhere
- Five licensees down (-2) each including Findex, Ord Minnett, Choice Financial and Insignia. Noting above, Insignia should be showing a loss of (-7)
- 14 licensee owners down (-1) each including Uni Super, WT Financial Group, Janus Financial, Sequoia and Steinhardt (Infocus).
The Annual Fee Renewal Consent forms continue to work their worlds worst bureaucratic magic, ensuring over 1 million Australians remain orphaned on investment platforms without adviser service support.