The changed adviser numbers landscape

Mike Taylor

Managing Editor and Publisher

9 August 2024

AZ-NGA’s acquisition of the AMP Limited licenses and the creation of a new partnership model makes a significant difference to the texture of financial advice sector, according to WealthData principal, Colin Williams.

In an assessment of the announcement, Williams noted that the core of the announcement was that Entireti is taking a majority ownership of a new group, that effectively merges all of AMP’s and Fortnum’s licensees.

“The ASX release from AMP indicated that the number of advisers will be over 1,300,” Williams said. “Our numbers of the advisers on the Financial Adviser Register (FAR) amount to 1,188 (826 at AMP and 362 at Fortnum),” he said. “The numbers from AMP most likely includes their self-licensing arm of Jigsaw, that has some 126 advisers attached.”

He noted that the deal came hot on the heels of the ‘self-employed’ licensees leaving Insignia under the new business of Rhombus.

As to the impact on numbers, he said that for Calendar year to date Rhombus is at net-zero change, with losses at Consultum being offset by gains at RI Advice. AMP Group is down by net (-41), with losses at all three major licensees and Fortnum is at (-18), with losses at Fortnum Private and Personal Financial Services which they recently bought from Australian Unity.

Key Adviser Movements This Week:

• Net change of advisers 5
• Current number of advisers at 15,497
• Net Change Calendar 2024 YTD (-123)
• Net Change Financial YTD +154
• 30 Licensee Owners had net gains of 45 advisers
• 27 Licensee Owners had net losses for (-40) advisers
• 2 new licensees commenced and (-2) ceased
• 18 New entrants
• Number of advisers active this week, appointed / resigned: 94.

Growth This Week – Licensee Owners

• Five licensee owners up by three:
  • Finchley & Kent had a net increase of 3 advisers. However, all the advisers are still authorised at other licensees
  • Rhombus also up by three, with one adviser rejoining after a break, one new entrant and one adviser from Lionsgate Financial Group
  • A new licensee commenced with advisers from Synchron, owned by WT Financial Group
  • Count with a busy week which included three advisers moving across from Szezjay Investments
  • Capstone which included two new entrants and one adviser from Consultum.
• Five licensee owners up by net two each including:
  • Picture Wealth with an adviser from Lifespan and one new entrant
  • Perpetual with one new entrant and one adviser coming back into advice after a break
  • A new licensee with both advisers moving from BR Advice
  • Artemis with advisers moving from AD Advisory
  • Alexander McWilliams (True Wealth) with one new entrant and moving from Madison.
• A tail of 20 licensee owners gaining one each including PSK Group, Fitzpatricks, Beryllium and AAN Wealth.

Losses This Week – Licensee Owners

• FSSSP (Aware Super) down by net five and none appointed elsewhere
• Morgans down by net three, and none to date showing as appointed elsewhere
• Szezjay Investments, down to zero after all three remaining advisers moved to Count
• Five licensee owners down by two each including AMP Group, Collins House and AFSL Holdings Australia who’s advisers went to 38th Parallel
• 19 licensee owners down by net one including Fiducian, Macquarie Group and Shaw and Partners.