Weekly Financial Adviser Movement - Mar 3, 2022
Number of Advisers decreased by (-31) from 17,282 to 17,251
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Key Movements This Week:
Net Change of advisers (-31)
36 Licensee Owners had net gains for 46 advisers
49 Licensee Owners had net losses for (-74) advisers
4 new licensees commenced, all in the Financial Planning peer group and (-5) closed
5 Provisional Advisers (PA) commenced and (-1) ceased.
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Summary
A busy week which unfortunately sees more adviser losses. The Financial Planning peer group (Biz Model) suffered a bad week, down (-27) after showing growth in the early part of the year. Of those 27 net losses, 16 were at the two biggest groups being AMP (-11) and Insignia (-5).
Growth This Week
Count Financial continued their growth and up 4 this week, picking up advisers from Wealth Market and AIA. A small licensee Catalpa (Trading as When FS) up three with 2 Advisers from Aware Super and 1 from Count.
5 licensee owners were up a net 2 advisers each. This included two new licensees and a small licensee Badge Financial owned by PMM Group. Steinhardt (Infocus) also up 2 along with Australian Admin Services (Link Advice). Thereafter, 29 licensee owners were up by net 1 each.
What was noticeable this week, which has been trending for a while, are less advisers switching in the week, i.e. moving directly from one licensee to another. We have seen advisers being hired who may have a gap between leaving and joining a licensee. Many are experienced advisers who would have had salaried positions in the past. This week we saw a total of 59 advisers appointed but only 18 switched during the week.
Losses This Week
AMP Group dominate down (-11), appointing 2 and losing 13, none of the 13 are showing as being appointed elsewhere. Insignia down (-5), appointing 1 and losing 6. 1 of the 6 commenced his own licensee and we are expecting a large practice that left Lonsdale to show up in next week’s report.
Highfield Group’s Insight Investment Services, down (-4) with advisers commencing their own AFSL. Loan Market (Connected to Ray White Group) and Mortgage Choice continue to run down their financial planning businesses, both down (-3) this week.
4 Licensee owners down (-2) each including Synchron and Ord Minnett. And a very long tail of 40 licensee owners losing a net (-1) adviser each.
Year To Date Data
For licensee owners that have 20 or more advisers, Count pushes further ahead and are now up 25 for the year. Castleguard (Lifespan ) dropped back a little but are still up 13 for the year. PSK at 12 and Diverger at 11. Steinhardt (Infocus) make up the top 5 with a gain of 7 advisers. Four of the top five are major businesses with large number of advisers, demonstrating that many advisers still see value in joining a large firm as opposed to setting up their own AFSL.
As for losses, Insignia lead the way down (-47). A large gap to AMP down at (-18). AIA continues to lose advisers and are now down (-10). Findex down at (-8). AIA Group are down (-9), many leaving to join Count. Four groups down (-8) each including Craigs and Findex and three groups share fifth spot down (-8).
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Have a great week
