Weekly Financial Adviser Movement, April 21, 2022
Number of Advisers decreased by (-33) from 17,144 to 17,111
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Key Movements This Week:
Net Change of advisers (-33)
21 Licensee Owners had net gains for 24 advisers
41 Licensee Owners had net losses for (-57) advisers
2 new licensees commenced and (-12) ceased.
Zero Provisional Advisers (PA) commenced and zero ceased.
Note: Our Members Lounge - Includes a dashboard that shows by name, each adviser joining, switching and leaving a licensee for the past week - Simply sign in, click on the Licensee Deep Dive Workbook - Dashboard 7 Weekly Change Adviser Names.
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Need more data to make the right decisions? ~~ Click to view what we have at The Members Lounge ~~
Summary
A very similar week to last week, dominated by many licensees effectively closing, down to zero advisers. This week 12 licensees closed and it was 14 last week. A total of 26 in two weeks.
We did note that in a ‘Senate Estimates Committee’ with a written response of Feb 25, 2022, that ASIC are completing a full review of the ASIC Financial Adviser Register. This is to ensue those advisers who have not passed the FASEA Exam are removed. We suspect that that many small licensees have not reported correctly (or not at all) and may well now be caught up in the review. Hence the large number of licensees being reduced to zero advisers. Again this week, we saw more advisers being ceased with their exit date backdated into 2021.
It was another quiet week for actual switches - only 7 advisers ceased and recommenced in the week.
Growth This Week
Australian Retirement Trust, the new name for the combined Sunsuper and Qsuper increased advisers by a net 3, all under the Sunsuper licensee. Capstone up by 2, taking 1 adviser away from Count and reappointing a former adviser who had a break.
A tail of 19 licensee owners up net 1 each including Shartru, Castleguard (Lifespan), ASVW Holdings and two new licensees starting with 1 adviser each.
Losses This week
The 12 licensee closures accounted for 17 adviser losses led by RSM Corporate, down (-5). Another licensee lost 2 and 10 at 1 adviser each.
AIA, Centrepoint and Pitcher Partners Brisbane all down by (-3) and none of the advisers commenced elsewhere in the week.
6 licensee owners down (-2) including Count, Fiducian, WT Financial and Insignia. A long tail of 31 licensee owners with net loss of (-1) each including Fitzpatricks, Fortnum, and Telstra Super.
Year To Date Movement
Not much change this week - we have included a snapshot below of the Net Change by licensee owners below. This is from the Fast Facts - Dashboard 2 - All details and more available to our Members. Count lead the growth sector while Insignia has the highest losses YTD.
Left chart shows the Licensee Owners with most growth YTD and Right chart highlights the lowest growth.
Have a great week
