Large AFSLs still dominate

Mike Taylor

Managing Editor/Publisher, Financial Newswire

18 August 2023

While so-called micro-licensees have been one of the fastest-growing elements of the financial planning sector, large and mid-sized licensees still dominate and account for over 60% of advisers, according to the latest analysis from WealthData.

Examining the adviser landscape in the wake of this week’s announcement regarding Godfrey Pembroke advisers moving into a new structure to be formed with Clime Investment Management’s Madison Financial Group, WealthData pointed out that 41.2% of advisers are covered by 30 licensees with more than 100 advisers, with a further 24% covered by those with between 20 and 99 advisers.

According to this week’s WealthData analysis the number of advisers increased by 2, boosted by a total of 14 new entrants.

Key Adviser Movements This Week:

• Net Change of advisers +2
• Current number of advisers at 15,713
• Net Change of (-87) for Calendar YTD
• Net Change new Financial YTD +146
• 21 Licensee Owners had net gains for 28 advisers
• 20 Licensee Owners had net losses for (-25) advisers
• 1 New licensee and 1 ceased
• 14 New entrants
• Number of advisers active this week, appointed / resigned: 59.

Growth This Week – Licensee Owners

• Insignia had a solid week of growth, up by 7. The growth included 3 new entrants and the remaining 4 advisers all came from different licensees, most after having a short break from advice. Of the 7 advisers, 6 commenced at Consultum and the remaining adviser at Millennium 3
• Kaizen Wealth up by 2, both being new entrants
• 19 licensee owners up by net one each including Shaw and Partners, Fitzpatricks, Fiducian, Shartru and the lone new licensee.

Losses This Week – Licensee Owners

• Count Group were down by net (-3) advisers. Count Financial appointed one new entrant and lost one adviser to Picture Wealth. Affinia lost 3 advisers, including one who commenced their own AFSL this week
• Diverger Group also down by (-3), losing 2 advisers at Merit Wealth and 1 at GPS Wealth
• DFS No 1- (My Fortress) down by (-2), both advisers have not been appointed elsewhere at this stage
• 17 licensee owners down by (-1) each including, AIA Company, Castleguard Trust (Lifespan), Macquarie Group and Unisuper.