Financial Adviser Insights To June 29, 2023
Adviser Numbers This Week Decreased By (-46) From 15,781 to 15,735
Click Here To Access Basic / Free Adviser Dashboard
Need More Data?
Join our Members Lounge - Click Here For Membership Information -
Enter promo code 50%MONTH1 for 50% discount on first month Selecting 'YEARLY' cost is only $950
Key Adviser Movements This Week:
Net Change of advisers, down by (-46)
Current number of advisers at 15,735
Net Change of (-452) for Financial YTD - See more below
14 Licensee Owners had net gains for 17 advisers
53 Licensee Owners had net losses for (-80) advisers (*see summary below)
Zero new licensees and (-3) ceased
10 New entrants
Number of advisers active this week, appointed / resigned: 99.
Summary
A large loss of (-46) advisers for the week despite 10 new entrants, indicating that 56 more experienced advisers were ceased on the FAR.
While the numbers are disappointing this week, we tend to see a volatile period as we end one financial year and enter the other. We go into more detail below.
*You may have noticed that the loss at license owners this week is at (-80) and gains at 17, indicates a net loss of (-63) advisers. The reason that the actual loss is significantly less, is due to LGSS (Local Government Super now known as Active Super) losing (-13) advisers. However, the advisers were also (and still are) authorised at Industry Fund Services in October last year. Therefore, they have not been ceased on the FAR, and still provide advice services to Active Super members.
Growth This Week
Evans and Partners came in at plus 3, all being new entrants. Evans and Partners have been more active than most at hiring new starters and currently have 5 provisional advisers and 6 other advisers who commenced post 2019. Given that they have a total of 91 advisers, this means that 12% are relatively new (Post 2019). AMP Group have recruited the most new starters, at 40, they come in at 4.4%. This information can be found at Dashboard 8 of the Licensee Deep Dive set
Clime came in at plus 2 with both advisers joining Maddison and both being new entrants
12 licensee owners were up plus 1 including Pitcher Partners, Koda Capital and Macquarie Group.
Losses This Week
LGSS Super (Active Super), down (-13). As noted earlier, the advisers had also been authorised at Industry Fund Services in October 2022 and are still current on the FAR and still providing services to Active Super members.
Diverger down (-4) losing 2 advisers each at GPS Wealth and Merit Wealth.
Count Group down (-3), losing 1 from Affinia and 2 from Count
Ozplan also down (-3)
Eight licensee owners down by (-2), including Insignia, Sequoia and Morgans
A very long tail of 41 licensee owners down (-1) each including Fitzpatricks, Findex, PSK Group and WT Financial Group.
Financial YTD Versus Last 12 Months - A Couple of Days Can Matter
The end and start of each financial year does create a significant amount of adviser movement. Excluding the losses at key cut off times for FSAEA Exams, resignations are at their highest in June with the last day being the most critical, and appointments are at their greatest in July. Much of the movement includes advisers switching licensees.
To put the current numbers into perspective, we have included the following dashboards.
The first dashboard (Chart 1), is for this financial year to date, which is effectively from July 1, 2022 to June 28. It currently shows a net loss of (-452) advisers compared to a massive (-2,647) for the corresponding period last year.
Chart 1 - Current Financial YTD Stats and Corresponding Period Last Year
The chart below (Chart 2), if for the full 12 months showing a net loss is (-637). The loss is an extra 185 advisers as it captures the final couple of days of last year’s financial year. The loss over the corresponding period blows out to (2,932).
Chart 2 - Last 12 Months Stats Versus Prior 12 Months
Next week’s data will be very interesting. It will cover the end of this financial year and the first few days of the new financial year. While there can be some ‘drag’ to get the complete picture, as licensees have up to 30 days to report movement, we tend to see the bulk of adviser movement reported quickly.
We are expecting to see many advisers switching licensees, including switching into their own self licensed AFSLs.
Have a great week and checkout the
Members Lounge for all of your data needs - Click on box below
