Financial Adviser Movement to Feb 9, 2023
Number of Advisers Increased by +33 from 15,841 to 15,874
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Key Adviser Movements This Week:
Net Change of advisers +33
Net Change of +59 for 2023
25 Licensee Owners had net gains for 53 advisers
15 Licensee Owners had net losses for (-19) advisers
3 new licensee and 1 ceased
8 Provisional Advisers (PAs) commenced and zero ceased.
Summary
As predicted in last week’s report, a significant number of advisers who left the ASIC FAR (last week) were transitioning to new licensees. The transition for most is now complete and has contributed to this week's growth after last week's losses. The number of Provisional Advisers has also increased to 8, marking another positive week of new entrants.
Growth This Week
Zurich Assure started its new AFSL with 14 advisers. The advisers were previously at Bombora (temporarily) after Zurich acquired the ANZ Risk business along with the advisers. Zurich needed time to set up its AFSL.
A new licensee has commenced with 9 advisers (details for members only). The licensee was previously a large practice at Australian Unity.
Fortnum increased by 5 after acquiring a risk business from Matrix (Centrepoint).
Perpetual increased by a net of 3, including 2 new Provisional Advisers.
Another new licensee started with 2 advisers who left Lonsdale (Insignia).
20 licensees recorded a net increase of 1, including Spark Partnership Group, Elston Group, and Connectus.
Losses This Week
Insignia decreased by (-3) after losing 4 advisers and gaining 1 Provisional Adviser.
Centrepoint Group decreased by (-2) after a busy week of losing 5 advisers and gaining 2.
Oreana decreased by (-2) and neither adviser has been appointed elsewhere yet.
12 licensees recorded a net decrease of (-1) each, including Fitzpatricks, AMP Group (lost 3 and gained 2), and Advice IQ.
New Dashboard - 1C Weekly Movement By Adviser Names in Adviser Fast Facts
We have added a new dashboard at Adviser Fast Facts to help you see which advisers have moved in the week by their names. The dashboard has been adjusted to show which licensees were affected, even if there was a gap in the movement being reported. For example, the advisers that joined Zurich Assure this week were reported last week leaving Bombora. The dashboard will now show their movement at both Bombora and Zurich.
Resignations and Appointments as a % of Licensee Owners (Deep Dive dashboards 1C - Licensee Turnover Data)
Building on last week's report, which showed losses and gains by raw numbers, the charts below examine the licensee owners' movement of appointments and resignations as a percentage of their starting position as of November 9, 2022.
The chart reveals that PSK is leading in terms of hires at 11%, followed by UniSuper at 10%. However, UniSuper has had zero resignations. It's notable that the average line for appointments is slightly less than that for resignations, but it is much closer than it has been in a long time, now that the losses related to the Financial FASEA Exam have passed.
% Appointments and Resignations compared to the number of advisers
at Nov 9, 2022 through to Feb 9, 2023. Note: Showing only Licensee Owners with 50 or more advisers.
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