New entrants propel positive adviser growth

financial advice Wealth Data new entrants exam

29 January 2024
| By Jasmine Siljic |
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Wealth Data has recorded a “very encouraging” 18 advisers join the financial advice industry this week, with new entrants accounting for the vast majority.

In the week to 25 January, the research house revealed that 16 out of the 18 new advisers this week are new entrants, compared to just five in the week prior, representing 88 per cent of new advisers for the week.

On 24 January, ASIC announced it would be implementing legislative amendments to the financial adviser exam first mentioned in December, with the next exam on 26 March set to reflect these changes.

The changes will see all questions become multiple choice and remove restrictions limiting exam participation to new advisers who have completed an approved degree and existing providers.

As a result, the amendments seek to “create efficiencies” through computer marking and enable more entrants to sit the exam, consequently supporting the growth of the adviser profession.

There has now been a net growth of 45 advisers since the beginning of the 2024 calendar year, alongside a net rise of 106 for the financial year to date. The adviser industry now sits at 15,664.

This week was busy with 96 advisers active with appointments or resignations, while four new licensees commenced operations and three ceased.

Examining the weekly growth, 36 licensee owners had net gains of 45 advisers. This was led by ASVW Holding who gained four advisers, with three coming from Consultum Financial Advisers. ASVW now has 48 advisers.

Canaccord Group followed next with an increase of three advisers, with two being new entrants.

Four licensees welcomed two advisers, including Morgans Group and Fortnum, while 30 licensees were up by one each, including AMP Group and Lifespan.

In terms of weekly declines, 25 licensee owners had net losses of 34 advisers.

Crown Wealth Group was down by six advisers and BLA Parker lost all three of its advisers, bringing it down to zero.

“However, all three advisers are also authorised at Parker Wealth and remain current under that AFSL,” noted Colin Williams, Wealth Data founder.

EQT Holdings also lost three, and then a tail of 22 licensees were down by one adviser each, including Centrepoint Group, Insignia Financial and Ord Minnett.

Last week, Wealth Data announced there had been a net loss of 177 advisers for the 2023 calendar year, which was significantly smaller than in previous years. This brought the final tally for the year to 15,622.

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