There are a total of 121 new licensees in the financial planning peer group over the year to 13 October 2022, the latest data shows.
Wealth Data’s latest analysis of ASIC’s FAR shows that of those 121 licensees, all but three have a current size of less than 20 advisers.
The firm’s Colin Williams says that 36 of the new licensees are single adviser licensees and 39 are dual adviser licensees.
Twenty eight of the licensees have three to four advisers and 15 have five to nine advisers.
He notes too that in the past year 85 licensees have closed.
Williams weekly analysis also highlighted “a pleasant surprise” as adviser numbers grew by nine, driven by more provisional advisers being added to ASIC’s FAR.
Williams says this gain in adviser numbers follows the loss of some 450 advisers over the past two weeks (see: Adviser Numbers Now Below 16,000).
He reiterated that the firm expects to see more losses due to advisers not passing their financial adviser exam.
“However, most of the losses are sitting in small licensees and on past experience, they can be very slow to report losses.”
He adds that the continuous growth of provisional advisers, and by default new advisers, is “…very welcome and may well balance out additional losses that we could see between now and the new year.”
Key Weekly Stats
- Net change of advisers – plus nine
- Number of current advisers now at 15,917
- Two new licensees commenced, two closed
- 11 provisional advisers commenced and none ceased
