How did adviser numbers fluctuate in Q3 ‘24?
More than half of the past 13 weeks of Q3 enjoyed a rise in financial adviser numbers, according to Wealth Data figures.
With the third quarter of 2024 behind us, Money Management has taken a look at the past three months in terms of adviser number fluctuations.
Wealth Data demonstrated that nine out of the past 13 weeks saw a growth in adviser numbers, with the remaining five weeks seeing a decline.
This was a better performance than six weeks of growth during the same period a year ago.
The week ending 11 July saw the highest increase at +39, while the week prior experienced the greatest decline at -78 advisers. This is due to the start of financial year time being a busy period for licensee switching among advisers and the week being split across two quarters.
However, when isolated to the four days that fell in Q3, the result was actually an increase of 78 advisers.
As of 3 October, the current net change for the 2024 calendar year-to-date stands at -104. However, the financial YTD offers a different perspective at +177.
| Week ending in | Net adviser change |
| 4 July (Q3 only) | +78 |
| 11 July | +39 |
| 18 July | +11 |
| 25 July | +13 |
| 1 August | -1 |
| 8 August | +5 |
| 15 August | +13 |
| 22 August | -2 |
| 29 August | +5 |
| 5 September | -15 |
| 12 September | +14 |
| 19 September | +5 |
| 26 September | -5 |
Over the same 13-week period during 2023, adviser numbers experienced a similar result. Six of these weeks enjoyed adviser growth, five were down and two were a flat result.
The third quarter of this year also saw a record number of new entrants, Wealth Data found, with 195 joining in the three-month period. All but one of the 13 weeks reported a double-digit number of new advisers.
The 195 new entrants that joined in Q3 of 2024 was a greater number than the previous high of the 131 new entrants who commenced in the same quarter of 2023.
Weekly movements
In the week ending 3 October 2024, there was a net growth of nine advisers for the profession, bringing overall numbers to 15,520.
Some 11 new entrants joined the industry, while one new licensee commenced and two ceased.
Examining adviser growth over the week, 30 licensee owners had net gains of 41 advisers in total. This was led by Sequoia Financial Group which gained six advisers. Two moved across from Synchron, owned by WT Financial Group, while two joined from Next Generation Advice, one from Infocus and one from AMPA.
A new licensee started with three advisers who all moved from Matrix, owned by Centrepoint Alliance, while four AFSLs welcomed two advisers each.
An additional 24 licensees rose by one adviser each. These include Insignia Financial, Shaw and Partners, Morgans and Centrepoint.
Looking at adviser losses, 23 AFSLs saw net losses of 32 advisers all up. Count bid farewell to four advisers and Infocus lost three advisers.
Four licensees were down by two advisers each, such as AMP Group and Morgan Stanley. A tail of 17 licensee owners lost one adviser each.
AUTHOR
Jasmine Siljic
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
