Adviser Weekly Movement July 23, 2020

The month of July is showing an element of calm compared to previous months and in-particular the last month of June which saw significant losses.

For this week, there is a small net loss of 4 Adviser roles. 32 Advisers Appointed and 36 Resigned. The vast majority of the appointments come from the resignations, in effect a switch from one licensee to another.

Annex Wealth Advisers started their own licence moving away from Akambo Pty Ltd. The switch happened over a few days (not across the past week) and the losses from Akambo are reflected in the Quarter to date data.

AMP Financial Planning is on the positive side of Adviser movement which is encouraging given such recent heavy losses. The net gain for the week was 2 Advisers, with six Advisers being appointed and four resigning.

Lonsdale have shown six losses, appears that a member firm ‘Adviser fp’ have commenced their own licence but as yet, not showing on the ASIC Financial Adviser Register. LRF Nominees (Lower Russell and Farr) also showing a negative six Advisers. All Advisers currently listed as ceased, however, this may change as details are updated.

Year to date, net Adviser losses for the year are at 2,068 which is better than the same period of 2019 which was 2,754. Interprac with an additional 41 Advisers and Lifespan with 37 have been the most productive at gaining new Advisers. Financial Wisdom (ex CBA) which commenced its closure last year is showing the largest loss at 174 and AMP have amassed a net loss of 142 Advisers.

An interesting statistic (which appears in Adviser World Quarterly Peer Group Update) is that for every 1 Adviser licensee that commenced this year, 3 closed.

On a positive note the number of ‘Provisional Advisers’ (Advisers starting their professional year) is now at 19 with all but one appointed during 2020. Good to see some growth.

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