Retirements, resignations likely to offset new post-exam entrants

The results of the financial adviser exam have continued to trickle in, and, as expected, have driven a rise in the number of new entrants added to the Australian Securities and Investments Commission (ASIC) Financial Adviser Register (FAR).

According to the latest analysis from Wealth Data lead, Colin Williams, a further 16 new entrants were added to the FAR this week, with more expected to join as licensees gradually update their information.

However, Williams noted that the final week of the year is typically a “popular” time for advisers to either announce their retirement or resignation, the latter of which will then go on to join a new licensee at the beginning of the new year. He said these losses are likely to offset the gains recorded by the new entrants.

Williams also indicated that the calendar year will finish with a net loss of advisers, as current numbers are sitting at (-108), albeit in a better position than 2023 which hit a net loss of (-140) for the same period.

When considering the financial year to date, the aforementioned adviser resignations provided a strong start, given that they occurred at the end of the previous financial year and commenced in a new licensee by July. The net change for the current period is sitting at +172, compared to +106 for the same time last year.

The number of new licensees recorded is the same seen in 2023 (69), but ceased licensees have increased from (-27) to (-45.)

Key Adviser Movements This Week:

• Net change of advisers +8

• Current number of advisers at 15,515

• Net Change Calendar 2024 YTD (-108)

• Net Change Financial YTD +172

• 33 Licensee Owners had net gains of 35 advisers

• 18 Licensee Owners had net losses for (-25) advisers

• 1 new licensees commenced and 1 ceased

• 16 New entrants

• Number of advisers active this week, appointed / resigned: 70.

Growth This Week – Licensee Owners

• Two licensee owners up by two:

  • Count Limited with their Count licensee picking up an adviser from Oracle Advisory Group and one from Lifespan.

  • Beryllium Advisers with one adviser from Synchron , owned by WT Financial Group and another adviser from Findex.

• A very long tail of 31 licensee owners up by net one each including; Unisuper, Sequoia, Lifespan and Bell Financial Group.

Losses This Week – Licensee Owners

• Insignia group down by four, all leaving Bridges and to date, none appointed elsewhere

• Rhombus down by three; two of the losses yet to be appointed and one joining CT Group Advisory Services

• Morgan Stanley and NAB Bank both down by two, none of the four advisers being appointed elsewhere to date

• A tail of 14 licensee owners down by one each including Alteris Financial Group, Infocus and WT Financial Group.