Weekly Financial Adviser Movement, Dec 22, 2022
Number of Advisers decreased by (-9) from 15,874 to 15,865
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Key Adviser Movements This Week:
Net Change of advisers (-9)
38 Licensee Owners had net gains for 52 advisers
40 Licensee Owners had net losses for (-61) advisers
8 new licensees and (-3) ceased
23 Provisional Advisers (PAs) commenced and (-2) ceased
Note: A shorter blog to end this year. We will be back with a full length version from Jan 13 in 2023.
Summary
Another strong week for Provisional Advisers (PAs). The net amount of 21 PAs indicates that 30 experienced advisers did fall off the ASIC register this week.
Growth This Week
Growth was dominated by the Provisional Advisers (PAs) and 8 new licensees, 7 classed as Financial Planning. Details of the new licensees are provided to our members. Key growth licensee owners include Centrepoint up by 5 including 3 PAs, WT Financial up by 3 including 1 new PA and Bombora up by 2.
A long tail of 31 licensee owners up by net 1 including Spark Group, Fortnum and Industry Super Holdings.
Losses This Week
Losses dominated by the large groups with AMP, Diverger and Insignia all down by (-5) each. Three licensee owners down by (-3) including Marsh Mercer and Viridian. Three licensees down by (-2) including MCA Financial Planners.
A tail of 31 licensee owners down by (-1), including 2 closed licensees. The other closed licensee is Shaw and Partners Financial Planning who have moved all their advisers to the one AFSL, so no loss of actual advisers.
Highlight Of The Year
The one big positive that has occurred during 2022, particularly in the second half, has been the improvement in the number of new entrants. The charts below, taken from Dashboard 8 - Licensee Deep Dive workbook shows the growth both by each quarter (top chart) and as a running total.
Since 2019, all new advisers must commence as a Provisional Adviser and after completing the professional year and Financial Planning Exam, they become an ‘Adviser’ with a year start date. As the charts highlight, 2022 has been much stronger than previous years, particularly the last 2 quarters. Let’s hope that this will continue through 2023.
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.
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