Second half recovery for adviser numbers
New entrants to the Financial Adviser Register (FAR) were the primary driver of growth in the September quarter, according to the latest analysis from WealthData.
WealthData principal, Colin Williams confirmed that there were 201 new entrants on the FAR during the quarter, compared to 131 for the corresponding period in 2023.
The FAR currently shows 15,523 registered financial advisers and it also reveals what appears to be a second half turnaround in adviser numbers, with most losses occurring in the first half of 2023.
It shows that while total adviser numbers for the 2024 calendar year are down by 102, there has been growth of 180 financial advisers in terms of financial year to date.
Key Adviser Movements This Week:
- Net change of advisers (-1)
- Current number of advisers at 15,523
- Net Change Calendar 2024 YTD (-102)
- Net Change Financial YTD +180
- 18 Licensee Owners had net gains of 23 advisers
- 16 Licensee Owners had net losses for (-24) advisers
- 2 new licensee commenced and none ceased
- 9 New entrants
- Number of advisers active this week, appointed / resigned: 52.
Growth This Week – Licensee Owners
- A new licensee commenced with four advisers who left Wealth Matters – details given to members
- Another new licensee commenced with two advisers, both leaving Cobalt
- Templestone Financial Services are up by two with one adviser joining from Finchley & Kent and the other moving across from IMFG. Templestone now have 19 advisers.
- A short tail of 15 licensee owners up by net one including Viridian, Sequioa and Beryllium Advisers. Industry Super Holdings also up by net one after hiring two new entrants and losing one adviser.
Losses This Week – Licensee Owners
- Wealth Matters down by four after a practice left to commence their own licensee
- AMP Group down by three, after losing four advisers, none appointed elsewhere to date, and appointing one new entrant
- Three licensee owners down by two advisers
- Cobalt after two left to commence their own licensee
- Infocus with both advisers not appointed elsewhere to date
- Shaw and Partners and both advisers yet to be appointed elsewhere.
- Only 11 licensees owners down by net one each including Fortnum, Count and Insignia.
Another levy on financial advisers. This is just blatant persecution.
Here comes another moral hazard. It just encourages the bureaucracy to bloat at the expense of productivity and prosperity.
Rules only apply to some, generally if your cheque book is large enough then you are ok to do whatever…
This is the sort of rubbish that comes out of the modern version of Treasury advice. The boys over in…
This just goes to show the contempt and distain by regulators for the advice sector. A never-ending pole on stuff…