Big AFSLs don’t represent majority of advisers | Australian Markets

Big licensees no longer dominate the Australian financial planning career and, actually, barely account for a quarter of financial advisers listed on the Financial Adviser Register (FAR).

In the wake of final week’s release of a Financial Services Council (FSC) inexperienced paper forward of the organisation’s advice-focused convention a debate was generated about licensee scale and requirements.

The debate was colored for some advisers by the truth that the FSC represents the bigger licensees together with these which have developed out of AMP Limited and Insignia Financial.

Thus, the FSC’s membership checklist reveals the next advice-first firms as full members:

Count Limited

Entireti

Infocus Wealth Management

Rhombus Advisory

WT Financial Group

According to WealthInformation principal, Colin Williams the businesses, taken collectively, account for 3,828 of the 15,364 advisers at present on the Financial Adviser Register (FAR) or 24.9%.

He famous that there are solely 4 corporations with 500 ore more financial advisers and that they account for 18.09% of the full adviser market.

This then must be in comparison with 20 corporations with between 100 and 499 advisers, who account for 26.97% of the adviser market.

Williams factors out that advice licensees with more than 100 advisers nonetheless quantity to simply 45.06% of the financial adviser market with the majority of advisers employed by smaller licensees and, certainly, so-called micro-licensees (self-licensed or using two or three advisers).