Adviser numbers start 2024 with double-digit gains
Adviser numbers are off to a good start for 2024 with double-digit gains for the first two weeks of the year.
Wealth Data research to 11 January shows a net positive of 15 advisers joining this year to bring the total number to 15,643.
However, estimated data for 2023 shows the number of adviser losses during 2023 was 173 advisers.
Wealth Data founder Colin Williams said: “Typically, the first couple of weeks of January can be slow for reporting. As we progress through January, we will get a more complete picture of 2023.
“Calendar year to date for 2023 is currently showing a net loss of 173, a jump of 42 advisers from our last reporting on 21 December.”
The change for the 2023–24 financial year currently stands at gains of 86 advisers.
Between 21 December and 11 January, Wealth Data said there was a net change of 24 advisers, where 24 licensees had net gains of 33 advisers and 33 licensees had net losses of 52 advisers.
This includes Centrepoint which gained six advisers, including four from Crown Wealth. Janus, Beryllium Advisers, Forbes and a new licensee all gained two advisers each, and 19 licensees were up by one each.
Diverger saw the most losses during the period with losses of five and Ord Minnett lost four, with none of the advisers at either licensee being appointed elsewhere yet. Eight licensees were down by two each including Capstone, WT Financial and Morgan Stanley, while Fitzpatricks, Fortnum and Shaw and Partners were among 21 licensees down by one adviser each.
At the end of 2023, Money Management wrote that Sequoia Group had come on top in terms of adviser growth in 2023, with the firm welcoming 33 advisers during the year. The licensee currently has 349 licensees and is targeting 500 advisers by 2026 through acquisitions of subscale licensees.
Looking at losses, Insignia Group led the pack with the most adviser losses during the year with 135 departures which was largely due to the sale of financial advice subsidiary Millennium3 to WT Financial in December.
It currently has 783 advisers which led AMP to leapfrog it as Australia’s largest licensee with 871 advisers.
Insignia chief executive, Renato Mota, is due to leave the licensee in February after 20 years with the business. The firm is yet to announce his successor.
AUTHOR
Laura Dew
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
Add new comment