HUB24 increases Diverger holding

HUB24 appears to have signalled its views on the future of financial advice licensee Diverger by lifting its shareholding in the company.

As speculation and commentary has continued around Count Limited’s bid for Diverger and the Non-Binding Indicative Offer $1.41 per share offer made by COG Financial Services, HUB24 notified by the Australian Securities Exchange (ASX) that it had increased its voting power from 30.76% to 34.38%.

Count Limited bid in September to acquire Diverger for $1.14 per share and has subsequently expressed confidence in completing the transaction.

In the meantime, the latest analysis from WealthData has confirmed the continuing churn of advisers between licensees and, somewhat surprisingly, further growth in in licensee owners.

This week saw a net drop of (-8) advisers, despite 8 new entrants. This indicates that 16 experienced advisers exited the field. Six new licensees have started operations, bringing the total to 14 over the least 3 weeks.

Key Adviser Movements This Week:

• Net Change of advisers (-8)
• Current number of advisers at 15,682
• Net Change of (-117) for Calendar YTD
• Net Change Financial YTD +122
• 23 Licensee Owners had net gains for 29 advisers
• 22 Licensee Owners had net losses for (-34) advisers
• 6 New licensees and zero ceased
• 8 New entrants.
• Number of advisers active this week, appointed / resigned: 67

Growth This Week – Licensee Owners

• Six licensee owners increased by net 2 each:
  • Shaw and Partners with one new entrant and an adviser from Wilson Advisory
  • Rodney James Hayes – Boston Wealth with advisers from GPS Wealth part of Diverger
  • Concord Licensee Services with advisers from Charter owned by AMP
  • Alman Partners with an adviser each from Spark Advisers and Conultum owned by Insignia
  • Two new licensees – details given to Members
• 17 licensee owners up by net 1 each, including the remaining 4 new licensees, Clime Group and AMP Group.

Losses This Week – Licensee Owners

• Financial Link (NextGen) is now close to be closed with the loss of (-5) advisers, leaving only 4 at the licensee
• Capstone down by (-3), losing advisers to new Micro AFSLs
• Philborne Pty Ltd (Dirigere Advisory) down by (-3). All advisers currently showing as ceased, but we expect them to reappear soon.
• 5 licensees down by (-2) each including Findex, Picture Wealth, Mancell Trust (FYG PLanners) and Diverger.
• 15 licensee owners down by (-1) each including Centrepoint, WT Financial and Australian Unity.