Which advice model attracts the most female advisers?
With female advisers representing just 23% of total advisers, Wealth Data has revealed which advice models attract the most women.
On the occasion of International Women’s day, the research house reviewed the current position of gender balance of financial advisers.
It identified the accounting - limited advice model had the highest level of female advisers at 38%, compared to 62% of men in this model.
This group was “mostly advisers who only provide self-managed super fund (SMSF) advice and is now a very small sector of the advice market,” noted Colin Williams, Wealth Data founder.
Meanwhile, the investment advice model demonstrated the lowest level of female participation, with female advisers only making up 17% of the category, contrasting male advisers who accounted for 83%.
When looking at industry movements overall, Wealth Data noted a net change of 10 advisers in the week to 9 March.
This was largely due to advisers, who ceased the week prior, re-entering the ASIC FAR as they transitioned to new licensees.
The year-to-date net change sat at +51. It was a “very positive” outcome, Williams noted, especially when compared to the same period back in 2022 when it was showing (-642).
Some 27 licensee owners had net gains of 38 advisers while 21 licensee owners had net losses of 27 advisers.
Dirigere Advisory, a relatively new licensee, picked up six advisers with most leaving Lifesherpa.
Jason Valantine Davis, licensee owner at Aavana Financial Solutions, secured two advisers with both returning to advice after being off the ASIC FAR for numerous years.
Financial Professional Group also gained two advisers, who showed as current at other licensees.
Moreover, 23 licensee owners were up by one adviser. This included WT Financial Group’s hire of a provisional adviser, and Insignia who welcomed an adviser from Count Financial.
As for losses, AMP Group decreased by five, including one major practice loss from Hillross. FSSSP Financial services (Aware Super) lost two advisers, but both did not show as current elsewhere.
TAL Dai-Chi (Affinia) were also down by two advisers, with neither advertising an appointment elsewhere.
18 licensee owners down by one each, which included Bell Financial Group, Count and Oreana.
Two new licensees commenced and five provisional commenced, whilst two licensees ceased.
Additionally, 72 advisers were active this week with appointments or resignations.
AUTHOR
Jasmine Siljic
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
