Adviser numbers for the three months to 30 September 2024 saw encouraging growth compared to the same period last year, according to Wealth Data’s latest analysis.
In his latest Financial Adviser Market Insights, Wealth Data’s Colin Williams says the latest quarter saw adviser numbers rise by 159 compared with 108 a year earlier.
He says if the focus is on the three major business models that are predominately holistic advice businesses – Financial Planning, Investment Advice, and Accounting Financial Planning (making up 92% of all advisers) ”…the growth improves again to 184 compared to 143 for 2023. This change is due to the losses at Superannuation businesses (-10) and Limited Advice models (-15).”
Williams also notes that the number of new licensees is similar with 36 in this quarter and 38 in 2023.
“However, this quarter saw 19 ceased, making that a net change of 17 compared to nine ceasing in 2023, making that quarter a net change of 29.”
He adds that the latest quarter’s growth is due to the increased number of new advisers starting this quarter compared to last year – 201 new entrants began this September compared to 131 in September quarter 2023.
While saying this quarter’s growth is encouraging, Williams cautions against relying on start dates of new years due to the high number of advisers ceasing at year-end. For example, just shifting the start date to June 23, saw numbers down 65 to September 30, 2024, compared to minus 97 in 2023.
