Of the 100 new licensees launched in the financial year to date, virtually all of them are micro AFSLs, according to Wealth Data.
The research firm’s latest Financial Adviser Insights compares adviser numbers in the current financial year to date with the same period of time in the previous financial year, and notes there are 100 new licensees in the current year, compared with 101 the previous year.
Highlighting that virtually all of the new licensees are what his firm terms Micro AFSLs, Wealth Data’s Colin Williams says, for example, 49 of the new licensees in the current year currently have only one adviser.
He points to ceased licensees numbers being reasonably close too, at 52 versus 65 a year earlier.
Williams adds that in the previous period, the net loss of advisers was 318, most which was driven by the final cut-off for passing the Financial Adviser Exam, for experienced advisers in Sept 2022.
In the latest financial year to date there is net growth of 40 advisers.
Williams says new entrants still current on the FAR sit at 299 in the current financial year to date.
“For the previous period, it is 283. Not a large differential, indicating that the pace of new entrant growth has stabilised,” he says.
