Financial Adviser Insights, Aug 3, 2023
Adviser Numbers This Week NO CHANGE remaining at 15,715
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For the second time in three weeks, we have seen a zero net change from week to week. However, 92 advisers were affected either by resignation, appointment or switch.
Key Adviser Movements This Week:
Net Change of advisers, no change
Current number of advisers at 15,715
Net Change of (-85) for Calendar YTD
Net Change new Financial YTD +143
28 Licensee Owners had net gains for 42 advisers
25 Licensee Owners had net losses for (-43) advisers
4 New licensees and 3 ceased
8 New entrants
Number of advisers active this week, appointed / resigned: 92.
Growth This Week - Licensee Owners
Shaw and Partners up by 4 with two advisers each switching from Ord Minnett and Fortrend Securities
Four licensees owners were up by net 3 each, including 2 new licensees (details given to members), IA Advice with all 3 advisers moving across from Grange Securities, and Capital Partners with 2 advisers from Synchron, part of WT Financial Group and one new entrant
Three licensee owners up by net 2 each, including another new licensee. Skybridge up by 2 with both advisers moving across from Lonsdale (see later), and Australian Unity with one adviser from Findex and the other being a new entrant
20 licensee owners up by net 1 each including, Steinhardt Holdings (Infocus), Macquarie Group, Capstone and the Australian Retirement Group.
Losses This Week - Licensee Owners
Insignia lost a net (-12) advisers after appointing 2 and losing 14. Notable was the loss of 5 advisers from Lonsdale which is now at zero advisers. At the start of 2020, Lonsdale had 198 advisers. Millenium 3 (M3) was also down by (-5) advisers. M3 will be an interesting licensee to watch, given Insignia indicating that it could be up for sale.
Two licensee owners, Fitzpatricks and Andrew Baxter (Grange Securities) lost net (-3) advisers. Fitzpatricks has lost 15 advisers calendar YTD or 17.44% down from 86 advisers to 71. The highest percentage loss of licensee owners with 50 or more advisers.
Three licensee owners down (-2) each including AAN Wealth
A tail of 19 licensee owners down (-1) each including AMP Group, Clime Group, Fortnum and WT Financial.
Change Calendar YTD
Now that the new financial year movements have found their way through onto the ASIC FAR, it is a good time to view how the calendar YTD is progressing. The chart below highlights that the total net movement is currently at (-85). This may seem a bit disappointing, given a positive start earlier in the year, but at the same stage last year it was almost 10 times worse at (-828).
On the left, we can see that Sequoia has gained the most advisers for licensee owners at 17, followed by Zurich Financial at 15 and three licensee owners at 10. Except for Sequoia, all other licensee owners in the top 5 have less than 50 advisers.
As for net losses, Insignia is out on its own at (-92) followed by WT Financial Group at (-37) and both AMP Group and Steinhardt Holdings at (-23) each. It should be noted that some of the adviser losses are to self licensed models, and they may still be receiving services from their old licensees.
Dashboard 2A from Adviser Fast Facts - Cal YTD Adviser Movement
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