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Financial Adviser Head Count Sees Marginal Gains

Financial Adviser Head Count Sees Marginal Gains

Financial Adviser Head Count Sees Marginal Gains?w=400
The landscape of financial advisers in Australia continues to be dynamic with numbers showcasing a slight growth after a period of declines.
In the latest analysis by WealthData, Australia faced a modest net increase of 39 financial advisers this week, coming off the Financial Adviser Register (FAR).

Despite the recent uptick, the overall trend for the calendar year remains concerning. WealthData's principal, Colin Williams, highlighted that many advisers previously counted among the fiscal year's large exits have returned under new licenses. This movement has somewhat cushioned the overall number, bringing active financial adviser registrations to 15,469 as of now.

Interestingly, since the beginning of the financial year on July 1, there have been 41 new advisers registered, including the 21 additions from the past week. These recent figures indicate a potential reversal in the downtrend, though the calendar year's net loss of 148 advisers can't be overlooked.

Weekly Adviser Activity Overview

  • Net change of advisers: +39
  • Total number of active advisers: 15,469
  • Year-to-date net change for 2024: -148
  • This financial year's net change: +121
  • Net change for the last financial year (2023/24): -211
  • 39 Licensee Owners achieved net gains amounting to 54 advisers
  • 12 Licensee Owners faced net losses, losing 13 advisers
  • Two licensees commenced operations, while one ceased
  • 21 new advisers entered the scene
  • Total advisery movements (appointments/resignations): 74 (down from last week's 246)

Licensee Owner Growth Highlights

Certain licensee owners experienced appreciable gains this week. Insignia Group stands out with a net increase of seven advisers; five being new entrants while the remaining two transitioned from Alliance Wealth and internal positions within Insignia.

AvalonFS showed a net increment of six advisers. However, it's noteworthy that all six had ceased operations toward the end of June but were reinstated in the beginning week of July.

Other notable movers include:

  • New licensee onboarding advisers from Advice Evolution
  • Pitcher Partners Brisbane: gained two new entrants
  • Philborne Pty Ltd (Dirigere Advisory): added one adviser each from Zebra Financial Services and Fortnum
  • Bell Financial: inducted two new advisers

Additionally, a broad spectrum of 33 other licensee owners saw a net growth of one adviser each, including firms like Fortnum, Centrepoint, and Capstone.

Licensee Owner Losses This Week

On the flip side, there have been notable declines within certain major licensee owners:

  • AMP Group saw a dip by two advisers; one new adviser joined from Godfrey Pembroke, but this gain could not offset three other advisers ceasing their affiliation (backdated to June).
  • A group of 11 licensee owners, including prominent names like Findex Group, Infocus, and Morgan Stanley, observed a net loss of one adviser each, including the one licensee that completely wound down.

The ever-evolving adviser landscape reflects the broader shifts and disruptions within the financial advisory sector in Australia. It will be crucial to monitor if trends reverse sustainably or if the industry continues to navigate these turbulent waters. (Source: WealthData)

Published:Saturday, 13th Jul 2024
Source: Paige Estritori

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Knowledgebase
Balloon Payment.:
A large loan repayment made in order to clear a debt. Usually applied to a short-term fixed-rate loan, which involves small payments for a certain period of time with one large payment for the remaining amount of the principal at a time specified in the future.