Weekly Financial Adviser Movement - Feb 10, 2022
Number of Advisers increased by +13 from 17,282 to 17,295
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Key Movements This Week:
Net Change of advisers +13
34 Licensee Owners had net gains for 61 advisers
33 Licensee Owners had net losses for (-47) advisers
2 new licensees commenced and (-2) closed
9 Provisional Advisers (PAs) commenced.
Note: For more information visit the dashboards and ‘hover’ your cursor on each chart to see additional data points.
Summary
The gain this week may well come as a surprise given the recent heavy losses. We were predicting that the number of advisers would fall to approx. 17,227 during January this year. The estimate was based on the FASEA media reports last year. Currently there are 17,295 on the ASIC FAR.
There is some encouragement in the numbers for 2022. For example, as reported last week, over 50 Ex CBA salaried advisers have moved to other licensees outside of AIA, the firm that did a deal with CBA. We have also seen a nice surge of Provisional Advisers, a net increase of 28 YTD with a total of 203 now on the ASIC FAR.
We do suspect that not all licensees have reported to ASIC the required adviser losses based on advisers not passing the FASEA Exam. Many advisers are allowed to keep practicing subject to failing at least twice last year. It may take a bit of time for all of this to wash through the system.
Growth This Week
Dashboard 1A - Licensee Owners. Industry Super Holdings (Industry Funds Services - IFS) increased by 10, most remain authorised for now at ESI Financial Services (Energy Super) which is finalising details of the merger with LGIA Super. IFS provides advisers and other support services to industry super funds.
Fiducian bounced back after last week with 7 due to the deal struck with Australian Central Credit Union, better known as People’s Choice. Last week advisers switched from People Choice, showing a net loss and many found their way to the Fiducian licensee this week.
Canaccord up by 4 with advisers moving across from Euroz Hartleys. Akambo also up by 4, with 3 advisers moving across from Interprac and 1 ex CBA adviser.
A new licensee commenced with three advisers, a practice moving away from Millennium 3 – part of Insignia.
4 groups recorded net gains of 2 each including Sequoia (Interprac). The losses to Akambo had been reported last week. Count continue to make a strong start to 2022 with another 2 advisers.
A further 21 licensees owners had net gains of 1 each included one new licensee.
Losses This Week
Pleased to see not so many losses this week. Hamilton Wealth effectively closed with the loss of all 3 advisers. Insignia down (-3) after losing the practice at Millennium 3 mentioned earlier in the report.
Two groups down (-2) and 28 owners down (-1) each, including another licensee that went down to zero advisers.
Note: at a licensee level there has been losses at Dixon Advisory & Superannuation Services with administrators moving in. However, the advisers are also authorised at Evans and Partners.
Year To Date Data
See dashboard 2 – Count lead the way with +14 followed by IFS with their growth of 10 this week. Castleguard (Lifespan) in third with +9.
Insignia lead the losses YTD and are already down by (-33). Fiducian are down by (-18), with far more advisers dropping off the Australian Central Credit union licence than being appointed to the Fiducian licence at this stage. WT Financial Group that includes Sentry and Wealth Today are down by (-9).
in summary, a surprising week and nice to see some positive results coming through.
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Have a great week
