Dealer groups shy when it comes to client numbers
IN LAST year’s survey, the total number of clients associated with the Top 100 Dealer Groups was 3.13 million. This year, the number dropped to 3.075 million.
However, of the 100 dealer groups listed in the table, 35 would not disclose client numbers. While this still represents a large group of shy, silent types, the number is better than last year when 39 dealer groups held their cards close to their chests. While a few groups don’t actually have the information available, the majority are simply unwilling to disclose.
This year, six of the 10 largest dealer groups would not disclose client numbers, includingCommonwealth Financial Planning,AXA Financial Planning,Garvan Financial Planning,Charter Financial PlanningandFinancial Wisdom.Count, after reporting 130,000 clients last year, would not reveal client numbers this year.
It would not surprise many that the dealer group with the most planners,AMP, also emerged as the group with the most clients — it has 800,000 on the books.
Westpac Financial Planningfollowed with 600,000 clients, consistent with client numbers last year. In third position, however, is Professional Investment Services with 435,000 clients — up 25,000 on last year.
Also competing for client dominance were ANZ Personal Advisory Services with 326,000 clients and the combinedABN Amro/Morgansgroup with 270,000 — both figures are similar to previous years.
The slight drop in client numbers may be attributed to clients choosing to place their dollars in one of the many boutique operations emerging in the market.
Some smaller dealer success stories areCentrestone, growing from 924 clients last year to 1,100 this year and Ozplan Financial Services, which last year had 4,400 clients rising to 5,100 in 2003.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
