Weekly Financial Adviser Movement, December 10, 2020
Analysis of the ASIC Financial Adviser Register (FAR) for December 10, shows another 91 adviser roles lost during the past week. The number of adviser roles dropped from 21,256 to 21,165. The number of ‘actual’ advisers reduced by 89, down from 20,909 to 20,820. See dashboard 12 as an explanation of the difference between adviser roles and actual advisers.
Gains for the week
Five existing licensees grew by 2 advisers each over the week including Matrix, Lifespan and Fortnum. Wealth Trail also gained another 2 advisers and have quickly grown to 12. One new licensee this week, Life Advisors Pty Ltd with 2 advisers from Madisons.
The number of Provisional Advisers increased by 3 to reach 50, see dashboard 11. Aware Super and Matrix increasing the numbers this week. Aware super now have 10% of all Provisional Advisers with 5.
Losses for the week
Leading the losses this week was Hood Sweeney Pty Ltd with 20 adviser roles lost. However, this does appear to be an internal decision (TBC) to drop the licence and only work under one licensee Hood Sweeney Securities which is still in operation with 10 advisers. AMP Group continue to shed advisers, this week 17 moving away from Charter and 12 from AMP Financial Planning (AMP FP). Worth noting that 48 licensees lost roles this week while only 26 gained advisers.
Year To Date
The numbers are not good with losses of adviser roles now at 2,715. The losses post July have slowed with the Financial year to Date standing at a loss of 544 adviser roles.
AMP Group have lost 486 adviser roles, see dashboard 4. AMP FP shedding 25.95% of their advisers or 300 adviser roles. Charter down 19.62% or 114 adviser roles.
On the upside, Lifespan continue their steady growth that really started in July 2019, see dashboard 2. Lifespan have grown by 66 adviser roles YTD after gaining 2 more this week. Interprac still in second position with 41 roles after losing 4 roles this week.
It now appears likely that SMSF Adviser Network will end the year as the largest licensee as they are now only 17 roles behind AMP FP, see dashboard 2. At the start of the year, they were 230 roles behind AMP FP, see dashboard 5.
Single Adviser Details - Updated on the Dashboard
Dashboard 9 has been updated and it now gives you quick access to adviser details including past and current licensees, qualifications and memberships
Get More Out of the Dashboard - Watch the 4 Min ‘Quick Tips’ Video.
A short short video has been created to help you get the most out of the dashboards. It highlights how easy it is to see a ‘full screen’ of the data, filter by movement numbers and also how to see more details of each licensee.
Access the dashboards here.
Any questions - Contact Us Now
