Weekly Financial Adviser Movement, Dec 15, 2022
Number of Advisers increased by 20 from 15,854 to 15,874
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Key Adviser Movements This Week:
Net Change of advisers +20
34 Licensee Owners had net gains for 41 advisers
20 Licensee Owners had net losses for (-21) advisers
1 new licensees and (-1) ceased
15 Provisional Advisers (PAs) and 1 ceased
Summary
A good number of new Provisional Advisers came onto the ASIC FAR this week. We often see this soon after the Financial Planning Exam results are announced. Otherwise, a relatively quiet week and one would expect this to continue as we move into the new year.
Growth This Week
Growth was dominated by the Provisional Advisers (PAs) and this led to Evans Dixon with the highest growth of net 4, all advisers being PAs. Telstra bucked the growth trend for the week, up net 3, none are PAs and all advisers coming across from different licensees.
Sequoia up plus 2 with both advisers reappearing after a short break (and passing the exam?). Masu Financial Management also up by 2, with another adviser returning after a short break and one new PA.
A tail this week of 30 licensee owners up by net one including Shartru, Oreana (now up to 99 advisers), Fortnum, Clime and Centrepoint. The one new licensee also commenced with the one adviser.
Losses This Week
Slim losses this week with Insignia down (-2) with one PA appointment at RI Advice and 2 advisers leaving Lonsdale and 1 leaving Bridges. A tail of 19 licensee owners down (-1) including AMP Group, Diverger, Morgans, Picture Wealth and the one closed licensee.
Note re Shaw and Partners - At the licensee level (Dashboard 1B), Shaw and Partners Financial Planning Pty Ltd is showing a large net loss of (-38). All the advisers were authorised twice within the Shaw and Partners Group and remain at their main licensee Shaw and Partners Limited. Therefore, no loss of actual advisers.
How’s The Year Looking?
During Jan 2023, we will have a blog post dedicated to the year that was. This will take into account the licensee updates which are often backdated into the past year as staff come back from leave. We always get asked about calendar years and I always warn about using them due to the fallout of the then called FASEA Exam. To put that into perspective, below are two charts, one starting from Jan 1 2022 and the other from Dec 15, 2021. The losses almost double by adding in that extra 2 weeks.
Adviser movement Jan 1 to Dec 15, 2022
Adviser movement Dec 15, 2021 to Dec 15, 2022 - The extra two weeks increase losses by close to 100%
As for which licensee owners have done well over the past 12 months (Not calendar year), we have attached a short video highlighting the movement of advisers and how you can target in to what matters to you. The tables can be accessed at Dashboard 2B of the Adviser Fast Facts
New ‘Rate The Raters’ Dashboards At The Members Lounge
We have uploaded dashboards highlighting the results of Financial Newswire’s survey of funds management businesses who get the opportunity to rate the Ratings Houses. The dashboards are interactive to allow users to select the research houses of interest along with highlighters. The data and charts make for interesting viewing and a must read for those who need to interact with rating houses.
“Don’t forget, membership of the Members Lounge for the first month is discounted by 50% during December 2022.”
Which States Are Over / Under Weight For Advisers?
Below are three tables highlighting the population (as gained from ABS March 2022) of each state and the population of Advisers. We have provided some stats and indicated which states appear to be under / overweight when comparing the percentage of advisers to the percentage of residents per states. While there are many other demographic factors that will determine where advisers should be located, the information does indicate a greater concentration of advisers in VIC compared to other states. Note: This information will be added to the dashboards in early 2023.
Total Advisers
This chart shows the total population of advisers split by state compared to the total population of all residents. VIC has the highest concentration with 28.43% of all advisers but only 25.47% of the Australian population
Advisers - Financial Planning Business Model
This model is the largest and has a focus on providing holistic advice. Again, VIC and QLD are overweight and joined by SA.
Advisers - Investment Advice Model
This business model has a focus on portfolio advice only. There is 1 adviser per 7,605 Victorians and this blows out to 1 to 8,968 in NSW, which may surprise many readers. Tasmania looks out of step with the other states.
Christmas and New Year Updates
We intend to provide a short update next week and we will refresh the databases and dashboards. The first full update in January will be Jan 9, 2022
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