Financial Adviser Insights To April 20, 2023
Adviser Numbers This Week Decreased By (-15), From 15,872 to 15,857
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Key Adviser Movements This Week:
Net Change of advisers down by (-15)
Net Change of +53 for 2023 Calendar YTD
22 Licensee Owners had net gains for 27 advisers
21 Licensee Owners had net losses for (-43) advisers
4 new licensees and 2 ceased
5 New Entrants
Number of advisers active this week appointed / resigned: 69
Summary
The number of advisers active this week who were appointed or resigned was 69. It was a busy week for some licensees with significant adviser movement, and we expect many of the advisers who resigned to reappear in the coming weeks.
Growth This Week
Five licensee owners saw net growth of 2 advisers this week including 2 new licensees. Of the two licensees one commenced with advisers from Synchron and the other with advisers from Infocus
Sequoia Group up by +2 with one new adviser joining from United Super and the other was finalising the switch from Libertas to Interprac (both owned by Sequoia)
Fortnum also up by 2, with a practice moving across from Advice Evolution
AAN Wealth up by 2, both being new entrants.
17 licensee owners up by +1 including Diverger, Centrepoint, Capstone and AMP Group. The reming two new licensees commenced with 1 adviser each.
Losses This Week
Infocus were down by (-10), with 4 of the 10 advisers already being appointed elsewhere
Insignia down by (-8), with what looks like five salaried Insignia staff taken off the FAR. Insignia is now inching towards 1,000 advisers at 1,042. At Jan 1, 2020 they had 2042 advisers
WT Financial Group down (-3) after hiring 1 and losing 4 advisers
4 licensee owners were down by (-2) including Perpetual, Industry Super Holdings and Vinrac
14 licensee owners down by (-1) including Fitzpatricks, Shaw and Partners, Spark Partnership and Financial Link Group. Both licensees that closed had only the one adviser each.
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Experienced Pathway Degree - How Many Advisers Could it Affect ….. Now
What a difference a week makes. Only last last week we ran some numbers based on what was known of the ‘Experience Pathway’ that had been announced last year only to go silent this year. However, this week, the announcement was made via Treasury and the Ministers office, confirming that the experience pathway will go ahead with modified dates for the experience.
The details also highlighted that advisers can write to the minister and ask for their qualifications to be reviewed as many would be very good qualifications were not approved for so called ‘technical’ reasons.
What does all this mean? Initially, it does mean that approximately 424 additional advisers, up from 3,166 to 3,590 additional advisers could benefit with the 10 year term extended to Dec 31, 2021 as opposed to 2019, as initially indicated last year. The 3,590 advisers have start dates before Dec 31, 2011 and are currently not showing as holding a degree. Note: Advisers must complete the equivalent of 10 years service within a 15 year period starting from Jan 1, 2007 to Dec 31, 2021.
Moreover, advisers can write to the minister and ask for their qualifications to be reviewed, as many very good qualifications were not approved for so-called 'technical' reasons. This approach recognises degrees that were not recognised under the previous FASEA regime due to missing a small 'advice' component and/or deemed too old. This will be seen by most as a very positive and refreshing approach.
Super Funds By Fund Type Analysis
We have updated the ‘Super Funds - Fund Level’ dashboards at the Members Lounge. We use primarly the APRA Data and add in SMSF data from the ATO, ABS population stats and our own Adviser stats to enrich the data. We also add in a range of calculations and most dashboards are dynamic, allowing users to see the data that best suits their needs
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