Adviser Numbers This Week Decreased By (-17) From 15,798 to 15,781

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Key Adviser Movements This Week:

• Net Change of advisers, down by (-17)

• Net Change of (-21) for 2023 Calendar YTD

• 19 Licensee Owners had net gains for 24 advisers

• 29 Licensee Owners had net losses for (-46) advisers

• 2 New licensees and (-2) ceased

• 13 Provisional Advisers including 12 new entrants and 1 prior adviser restarting a career in advice

• Number of advisers active this week, appointed / resigned: 83.

Summary
A disappointing loss this week on the back of 13 provisional advisers commencing. We also see the calendar YTD drop further into the red at (-21).

At the start of June, we analysed the number of advisers who had ceased on the ASIC FAR since the start of the year - See Here. At that stage it was 365. In just three weeks, the number of ceased advisers has grown to 438.

With the end of June fast approaching, we can expect further losses. On the upside, we did see ASIC announce that 122 advisers passed the Financial Adviser Exam, and we should see more of these successful candidates come onto the FAR.

Note: For firms looking to grow, we do have a Ceased Adviser database which can be used to look up advisers who could be suitably qualified for your business.

Growth This Week

• A new licensee commenced with 3 advisers, 2 being provisional advisers. All advisers were initially at Synchron now owned by WT Financial

• Three licensee owners up by net 2 including AMP Group who hired 3 including 1 new entrant and lost one adviser. Australian Retirement Trust also up by 2 along with a smaller licensee owner Fraser Holt (RDL Financial Group) who hired two new entrants.

• 16 licensee owners up by net 1 each including NTAA (SMSF Advisers Network), Morgans, and WT Financial Group.

Losses This Week

• Licensee owner Robert Purcell (Novatax) reduced to zero after the remaining 8 advisers left. Most had commenced earlier this month at ‘Newadvice’ licensee, and it took a few weeks to for the advisers to be removed from Novatax licensee

• Insignia down by (-6), losing 7 and appointing 1 new entrant. Of the 7 that ceased, 2 have moved to Paragem, owned by Diverger and 1 to Alliance Wealth owned by Centrepoint

• Five licensee owners down by (-2) including Shaw and Partners, Fortnum and Bell Group

• A long tail of 22 licensee owners down by (-1) including Diverger who hired 2 but lost 3. Others down by (-1) include Fitzpatricks, Industry Super Holdings, Capstone, Oreana and Perpetual.

Disciplinary Actions Against Advisers
On June 8 this year, we included an analysis into the disciplinary actions (DAs) against advisers since 2015 - see DA Analysis here - We have been asked to show which licensees they are from. We have opted not to do that as in many cases, the actions have been brought against advisers who have skipped across licensees.

The analysis does show that a large number of the affected advisers were last authorised at a licensee that is now down to zero advisers. In total, 87 of the 176 advisers or 49%. Many of the licensees were large and have since merged into other licensees. It may well be that when a licensee is under pressure or focused on other matters, advisers could be tempted to do things in the hope of getting away with it.

Do We Have Enough Advisers
This post last week raised a few comments in the socials. In light of the changes coming through via the Quality Advice Review and the Experienced Pathway now in parliament, you may find it interesting.

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