While the new financial year is showing some hopeful green shoots around adviser numbers, the net change for the 2024 calendar year is looking less rosy, going by Wealth Data’s latest statistics.
In key adviser movements, the firm’s Colin Williams points to the net change in the new 2024-25 financial year to date seeing a gain of 148 advisers. However in the 2024 calendar year to date adviser numbers are down by 128.
Williams also points to the net change in the last financial year 2023-24 which saw a loss of 217 advisers.
The current number of advisers stands at 15,492 and the past week has seen a net change of the loss of one adviser, the first decrease of the new financial year.
In his weekly Financial Adviser Market Insights Williams says the net loss for the week was driven by one firm having its AFSL cancelled by ASIC – United Global Capital, which is in administration. This led to the loss of nine advisers.
The past week also saw three new licensees commence and four cease. There were 17 new entrants.
There needs to be more clarity around what type of Advisers are entering.
To date, there has not been any clarification on University pathway graduates that has tracked what path they intend to take upon becoming newly minted Advisers, not withstanding the fact they are unable to provide advice for a year after completing their years of study.
I would love someone, somewhere to provide factual information to dispute my assumption that NIL Advisers who have completed the Financial Planning University pathway, moved into the Life Insurance advised risk space as their personal choice over full Financial Planning when they started down that path.
There are NO green shoots in the Life Insurance Industry, as that can only occur if you put down proper soil, fertiliser and seed.
The green shoots may be in full Financial planning, though this child like thinking that Santa Claus exists and if we are all good boys and girls, then thousands of new risk Advisers will suddenly appear, has clearly shown to be a mirage.
The only way to get the Life Insurance green shoots growing, is to make it viable and attractive enough for people to join, as currently it is as attractive as being whipped every day and then being told now you will only be whipped 6 days a week.
Comments are closed.