Financial Adviser Movement - Feb 25, 2021
Dashboards Updated and Improved - More Information Below
Click To Access Interactive Dashboards
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a reduction of (-4) Adviser Roles from 20,906 to 20,902. The number of actual Advisers remained static at 20,569. For more information regarding the variance between Adviser Roles and actual Advisers see Dashboard 17. Note: Currently there are 15 Advisers with 3 Roles and 303 Advisers with 2 Roles.
For the week there were 53 Appointments, 51 being Advisers switching between licensees and 2 ‘new’ Provisional Advisers. 57 Adviser Roles Resigned, 51 Switched, 4 roles ceased belonging to 4 Advisers who did have 2 roles each (see later under "‘Losses for the Week’ re Axies), and 2 Advisers no longer current on the FAR to give the net loss of (-4) roles.
Gains For The Week
New licensees dominated the growth with PKFWAFSL Pty Ltd, (PKF Newcastle NSW) commencing with 7 Advisers who moved from The Advice Exchange. LFC Group, (Finance Control) another new licensee commenced with 3 Advisers from GWM.
In total 37 Licensees increased their net number of Adviser roles for a total 47 roles.
Four new licensees commenced for a total of 13 Adviser roles.
Losses For The Week
GWM (MLC) and The Advice Exchange both lost (-7) roles each, AMP Financial Planning down (-4) and Axies also down (-4). Axies is owned by Spark Financial Group and the 4 Advisers roles lost are Advisers who remain at Spark Financial Group’s other licensee Aura Wealth. The 4 Advisers previously held two roles, one each at Aura and Axies.
Only one licensee effectively closed, Finpac for 1 Adviser.
Key Trends
The year is still young but the trend of last year with major institutions losing Advisers continues. Dashboard 2, Top Right Chart, shows the gains and losses for all Licensee Owners with more than 50 Current Adviser roles. By moving the slider, you can see that the losses for the YTD at MLC (-50), IOOF (-36) and AMP (-27) dominate the bottom 3 positions. While the gains at the top are more evenly distributed (albeit at much lower numbers), with Count at 10, Centrepoint at 6 and Oreana at 5 holding the top three positions.
Weekly Adviser Movement Dashboards - New Version and New Features.
The dashboards have been given a refresh. They will now appear larger and more responsive on the desktop screen and easier to view on a mobile - tip, view in landscape. To access a Dashboard, you will need to click each tab at the top. A shortcut option is to click the ‘down arrow’ located at the far top left hand corner. Another tip is to click the ‘full screen’ icon located at the bottom right hand side of the frame. This will expand the dashboards and centrally locate them on your screen.
Two New Dashboards for Tracking Adviser Movement Between Licensees
Dashboard 5 ‘Appointments - Switched In’. By clicking the selected licensee, a chart will appear highlighting where the Advisers resigned from over the same time period. For example, clicking on GWM Adviser Services highlights that the vast majority of Advisers appointed since 30/08/2020 came via National Australia Bank. For Synchronised Business Systems, AMP Financial Planning (AMP FP) has been a good source of new Advisers.
Dashboard 6 ‘Resignations - Switched Out’ - This Dashboard is the opposite of Dashboard 5. By highlighting the licensee, it will show where Advisers who had resigned are now ‘Current’. Clicking on AMP FP highlights that since 30/08/2020 AMP FP had 200 Resignations. Only 84 are now classed as current with 13 at Synchronised Business Systems. This indicates that more than half of the Advisers who have left AMP FP have also closed time on being a financial adviser.
Please read the notes for both Dashboards provides some tips for use and why the numbers may not always add up as expected.
If you have any questions or requests for more detailed analysis, please call or email.
All the details from above along with a whole lot more can be found on the Adviser Movement Dashboards via the below.
