Details to the data are available via the link below this post

A busy week of reporting as licensees finally get back to work and catch up on their admin. For the week we saw the loss of (-11) Adviser Roles, moving down from 20,966 to 20,955 and the actual number of Advisers dropped by (-13) moving from 20,629 to 20,616 (For variance explanation see Dashboard 12).

The relatively small loss of Advisers does not tell the full story as 89 Appointments were made, (85 switches and 4 New ‘Provisional Advisers’). The net loss of 11 Adviser Roles was created by 100 resignations. Alternatively, you can view the numbers as 15 Advisers roles lost, 4 gained (Provisional Advisers) and 85 roles switched between licensees.

In total 43 licensees had a Net Gain and 47 licensees had a Net Loss of Adviser Roles. 5 new licensees commenced for a total of 9 Adviser Roles and 3 licensees effectively closed for the loss (-6) Adviser Roles.

Gains For The Week
Wealth Trail Pty Ltd, trading mostly as Freedom Finance Australia (FFA) gained 9 roles and now have 23 Adviser Roles. 22 of the roles have come in the last 3 months. FFA appear to have formed alliances with various licensees and are now consolidating under one licensee of Wealth Trail.

Count Financial gained 6 Roles mostly from Godfrey Pembroke, while GWP Financial Services (Grange Wealth Advisors) gained 5 Advisers, most coming across from Bridges, taking their total to 6. Futuro gained 4 roles mostly at the expense of AMP owned Hillross.

Losses For The Week
GWM (MLC) topped out the losses for a second week in a row with (-12) roles. Six have found a new licensee while the remaining six currently do not show as being appointed elsewhere. Charter down by (-6) roles and similarly to GWM, half have been re-appointed elsewhere while the other half are yet be appointed. Financial Services Partners had 5 losses, most attributed to Wealth Trail.

Key Trends
Major group owned licensees are still struggling to hold onto Advisers. Much of this may well be driven by strategy. However, shrinking to gain profitability can be a dangerous game as eventually you’ll have to push back against a wave of losses.

Since Aug 31, 2020, the date of the IOOF / MLC Deal announcement, MLC Group combined with IOOF has lost (-222) Adviser Roles, with MLC losing (-90) and IOOF (-132). AMP Group over the same period have lost (-253). (See dashboard 4).

Combined AMP, MLC and IOOF losses for that period is (-475) roles or (-12.1%) of their Adviser roles. The total number of Advisers Roles lost across the Adviser market for that same period of time was (-770) or (-3.5%). The three groups represent 61.7% of all losses but only represented 18.0% of all Adviser Roles at the start of that period. (See dashboard 5 for total Advisers). Meanwhile small <20 Adviser Licensees peer group have gained 105 roles or a plus 1.74% gain.

All the details from above along with a whole lot more can be found on the Adviser Movement Dashboards via the below.

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