Last year ended with fewer adviser than when it began according to figures published by Wealth Data.
During the course of 2024, adviser churn saw a net loss of 143 working in the sector with the year starting with 15,623 but by the time the New Year rang in, the figure was down to 15,480. Still, the loss is less than in 2023 which ended 181 down.
Wealth Data’s Colin Williams writes that last year saw 505 new entrants, of which 476 remain.
As for new licensees, 118 were issued in the year, four more than in 2023.
However, the number of licenses that ceased last year totals 97.
“Leading licensee owners for growth are Centrepoint Group at 39, closely followed by Finchley & Kent at 37, and Picture Wealth at 34,” writes Williams.
For a more accurate picture relating to the advised Life Insurance sector, it would be good to get data from 2014 to 31/12 / 2024 of risk adviser numbers relating to exits, plus under the current grand plan, new entrants who were going to specialise in risk, that have gone through the University pipeline.
In the last 5 years have we had one person?
Every new Adviser as far as I can tell and I may be wrong as the data is not available, wants to do full financial Planning work after the years of slog and immense financial struggle to attain their qualifications.
What we have is half baked data that in the context of say the transport Industry, links boating, airline and car transportation as the same thing for data analysis.
I have not seen too many cars that can cross an ocean, or a boat that can fly, yet our Industry, classes risk advice and Investment advice as the same entity, which means for risk Advisers, an upfront Education pathway that costs many thousands of dollars and years of time, for what equates to 90 percent or more of irrelevant studies.
And everyone wonders why there are very few new risk advisers?
It could not be more obvious than if someone hit you on the head with a bat and then asked you if you knew what possibly happened.
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