‘Back in black’: New entrants turn YTD adviser numbers positive

Wealth Data new entrants adviser numbers

image
image
expand image

Financial adviser numbers are “back in black” for the calendar year as 21 new entrants joined the industry over the past week.

Insights from Wealth Data has seen the advice sector increase by 19 advisers over the past week ending 16 May.

This was significantly boosted by the 21 new advisers who joined over the week, while 14 joined the week prior.

“Adviser numbers for the calendar year are ‘back in black’,” noted Wealth Data founder Colin Williams, with the net change since the start of 2024 improving from a loss of 4 last week to gains of 15 this week.

The last time that the net change for the calendar year was in positive territory was 21 March.

Following the latest adviser exam which saw 210 candidates pass, Williams said a surge of new entrants to the financial advice system are expected in the following weeks.

Over the past four weeks alone, the advice sector has welcomed 50 new entrants.

The current number of Australian advisers sits at 15,630. Interestingly, the number of new licensees versus ceased licensees this YTD is approaching an even balance at 43 new and 39 ceased, Williams observed.

The past week saw 37 licensee owners have net gains of 45 advisers in total. AMP Group led the way with an addition of four advisers. Three of which were new entrants, while two advisers were from other licensees and the firm lost one adviser who has not been appointed elsewhere yet.

Five licensee owners increased by net two each. WT Financial Group welcomed two new entrants, gained one adviser from Fiducian Group and lost one who has not been appointed elsewhere to date.

Insignia Group picked up two advisers, one at Bridges Financial Services, who returned from a break, and another at RI Advice who switched from Findex.

NAB Bank Group welcomed one adviser at JBWere and the other at NAB Bank, with both being new entrants, while Dirigere Advisory added two advisers from Four Points Financial Services.

AVANT Group Holding also restarted with two advisers after going to zero advisers in April. One of the advisers entered back into advice after leaving the FAR in late 2018.

A tail of 31 licensee owners increased by net one adviser each, such as Macquarie Group, Findex and Centrepoint Group.

Looking at the losses over the week, 23 licensee owners had net losses of 25 advisers in total.

Sequoia Group lost two advisers, with one adviser joining Alpine Financial and the other yet to be appointed elsewhere.

David Meek (Four Points) lost two advisers, meaning it has moved to zero advisers, while a tail of 21 licensee owners were down by one adviser each, including Canaccord, Capstone, Clime, Count and three remaining licensees which have now ceased (moved to zero advisers).

Read more about:

AUTHOR

Submitted by Chris Cornish on Fri, 2024-05-17 10:23

Now we now the size of Stephen Jones' CSOLR tax, I doubt anyone will be employer any new financial adviser from this point forth. CSOLR tax ($4,500) + ASIC adviser tax ($3,500) + PI insurance for extra person ($3,500+) = not worth it.
The government (both Liberal and Labor) are taxing this industry out of existence.

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

JOHN GILLIES

tHOSE 989 WHO ARE CEASED WILL GO ON TO LIVE A LONG AND HEALTHY LIFE JG...

4 days 17 hours ago
Chris Cornish

What a sticth-up. Looks like Labor Senator Jess Walsh follows Stephen Jones who follows what the industry super funds ...

4 days 14 hours ago
Peter Swan

This report is a blatant display of far-left factional partisanship, treating superannuation funds as state property and...

4 days 15 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

2 weeks 5 days ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

1 week 5 days ago

ASIC has obtained interim orders from the Federal Court to freeze the assets of a registered managed fund and prevent its former director from leaving Australia. ...

6 days 14 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND