The Australian financial advice industry is starting the 2023 year with a reported total of 15,855 advisers after a net gain of 22 advisers for the start of the new calendar year, according to the latest data.
Wealth Data’s Colin Williams writes in his first weekly report on adviser movements for 2023, that this is a much better start to the year compared with what the industry faced in January 2022 “…which was smashed by the then FASEA Exam requirements.”
Wealth Data’s tables show a loss of 630 advisers for the calendar year in 2022.
Williams also points out it is encouraging to see the ongoing hiring of provisional advisers into the new year with 19 provisional advisers commencing between 22 December 2022 and 13 January 2023, with 14 of them beginning this year.
Looking back to 2022 Williams notes the year was “..very much a game of two halves.”
“In the first half, we lost a net 976 advisers, opened up 74 new licensees and saw 299 closed. In the second half, we lost 360 advisers, opened 80 new licensees and only 55 closed.”
He adds that as previously highlighted the licensees closing were dominated by the Accounting-Limited Advice peer group, (i.e. operating on a restricted AFSL). That sector claimed 201 of the 348 closed licensees and only opened one new one.
“ In contrast, the Financial Planning business model opened 126 and 82 closed.”
Key Adviser Movements Christmas and New Year:
- Net Change of advisers -10 this period
- Net Change of plus 22 for the start of the new year
- 31 Licensee Owners had net gains for 47 advisers
- 35 Licensee Owners had net losses for 57 advisers
- Four new licensees and four ceased
- 19 provisional advisers commenced with 14 commencing in 2023
