Financial Adviser Movement, Dec 22, 2022 to Jan 12, 2023
Number of Advisers decreased by (-10) from 15,865 to 15,855
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Key Adviser Movements This Period - Christmas and New Year:
Net Change of advisers (-10) this period
Net Change of plus 22 for the start of the new year
31 Licensee Owners had net gains for 47 advisers
35 Licensee Owners had net losses for (-57) advisers
4 new licensees and (-4) ceased
19 Provisional Advisers (PAs) commenced with 14 commencing in 2023
Summary
A much better start to the year to what we faced in Jan 2022 which was smashed by the then FASEA Exam requirements. Encouraging to see the ongoing hiring of Provisional Advisers into the new year.
Growth
Three licensee owners had net growth of 4. FSSSP (Aware Super) and APT Wealth both up 4 and in both cases, all were PAs. Bluewater also up 4 picking up advisers from MCA Financial Planners.
DFS No 1 (My Fortress) up by net 3, all are PAs. Arisia (Clover Financial) up by net 3, all moving across from Australian Investment and Insurance Group. WT Financial Group up by 2 with both advisers joining Synchron. A new licensee commenced with 2 advisers and Kilara Financial also up by 2.
A tail of 23 licensee owners up by net 1 which included Fortnum, Fiducian, ASVW and the remaining three new licensees.
Losses This Week
MCA Financial Planners have now all but disbanded after losing (-7) advisers and only have one remaining. AMP down net (-5). 4 Licensee owners down by (-3) including Industry Super Holdings and Sequoia. Four licensee owners down by (-2) including Fitzpatricks and Capstone. A tail of 25 licensee owners down by (-1) including Highfield Group, Picture Wealth and Stanford Brown.
Of interest, one of the closed licensees (down to zero advisers) included Clearview with the advisers merged into other licenses owned by Centrepoint over the last year.
2022 - Interesting Numbers
Looking at the numbers it was very much a game of two halves (apologies for the sporting cliches). In the first half, we lost a net (-976) advisers, opened up 74 new licensees and saw 299 closed. In the second half, we lost (-360) advisers, opened 80 new licensees and only 55 closed.
As highlighted many times during 2022, the licensees closing were dominated by Accounting - Limited Advice peer group, i.e. operating on a restricted AFSL. They claimed 201 of the 348 closed licensees and only opened 1 new one. In contrast, the Financial Planning business model opened 126 and 82 closed.
Most and Least Growth - Licensee Owners Financial Planning Models
The charts below are new and can be found at 2A of Adviser Fast Facts. The charts have been filtered for the 2022 year and by Financial Planning business model only. It highlights the top 5 for most / least growth. It also highlights the combined ‘Remaining Licensee Owners’
The chart to the right shows that all Remaining Licensee Owners (outside of the bottom five) returned a positive result of plus 15 advisers.
Calendar year 2022 - Top 5 Most and least Growth Licensee Owners Vs Other Licensee Owners
Count topped the growth chart followed closely PSK and a bit of gap to mostly newer licensees.
If you want any modelling on 2022, or any other period, please advise and we will assist as best we can.
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