The increase in adviser numbers provides a "glimmer of hope"

According to a new report from financial services researcher Rainmaker Information, the industry saw a positive shift with over 600 new financial advisers joining in the March quarter, marking the first increase in over three years. Additionally, there was a rise of 213 licensees during the same period.

In the 12 months leading up to March, the annual count of advisers registered with the Australian Securities and Investments Commission (ASIC) witnessed an 8.2% decline, totaling 16,155.

The industry suffered a net loss of 1447 advisers due to declining numbers, reflecting the challenges faced in recent years. Factors such as increased costs and stricter qualification requirements have contributed to this trend.

Over the 12-month period, there was a notable decrease of 13% or 266 in the number of advice licenses, resulting in a total of 1824 licenses.

In the same timeframe, there was an influx of 1876 advisers joining an Australian financial services licensee, while 3034 advisers parted ways with their respective licensee.

Alex Dunnin, Executive Director of Research and Compliance, expressed cautious optimism, stating that while it is too early to ascertain whether this upturn signifies a sustained recovery or a temporary anomaly, it does offer a glimmer of hope for the industry.

“The notable increase in adviser numbers during the March 2023 quarter suggests a potential turnaround for the sector, despite ongoing challenges,” stated the report.

Industry stakeholders are maintaining a cautious yet optimistic outlook for the future and will closely observe the market to determine if the current “positive momentum” can be maintained, according to the report.

According to Rainmaker, AMP Financial Planning has emerged as the largest financial advice licensee, boasting 508 verified financial advisers.

Morgans Financial secured the second position with 426 advisers, closely followed by Charter with 302 advisers. Interprac ranked fourth with 301 advisers, and Consultum rounded out the top five with 297 advisers.

According to Rainmaker, Insignia Group has been identified as a leading financial adviser “power brand” with a substantial network of 1326 financial advisers. AMP follows in second place with 989 advisers.

Combined, these two businesses hold a significant 14% market share, encompassing a total of 2315 financial advisers.



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By Ryan

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