Number of Advisers decreased by (-6) from 15,855 to 15,849

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Key Adviser Movements This Week:

• Net Change of advisers (-6)

• Net Change of plus 28 for the start of the new year

• 20 Licensee Owners had net gains for 23 advisers

• 21 Licensee Owners had net losses for (-29) advisers

• 1 new licensees and (-1) ceased

• 7 Provisional Advisers (PAs) commenced and (-5) ceased.

Summary
The year is still looking positive with most adviser losses backdated into 2022. In this post, we take a deep dive into the advisers who left during 2022..

Growth This Week
Diverger are up by a net of three advisers, with two new Provisional Advisers hired at Paragem. GPS hired two from Politis and Merit Wealth lost one adviser to give a net of three. Financial Link Group hired two, with one from MWL and another adviser coming back after a short break.

A tail of 18 who are up by a net of one adviser each including Sequoia Group who hired four at Interprac (Three moving from Olive Financial Markets) but lost three advisers, one at Interprac and two at Libertas. Other groups up by one include Quadrant, Fiducian, Centrepoint and ACCRU Group.

The one new licensee was a single adviser moving away from Fortnum.

Losses This Week
Trustee Heilig Holding, trading as Olive Financial Markets, lost all 7 advisers with three joining Interprac. AMP lost two advisers, both from Charter, who have gone to different licensees, Fiducian and Just Financial. Politis also down by two, as mentioned earlier, they went to Merit Wealth.

A tail of 18 licensee owners down by one, including Count Group, Morgans, and Steinhardt (Infocus).

2022 - Losses
During the calendar year 2022, a total of 2,171 advisers resigned and are not current on the ASIC FAR.

The top chart highlights the numbers by different year groupings. We can see that a significant amount of experience was lost with some 513 advisers leaving who had an ‘Adviser’ start year date of before the year 2000. It is interesting to note the large numbers across only 3 years 2016, 17 and 18. Closer analysis (see bottom chart) highlights that 301 advisers of this cohort belonged to the Accounting - Limited Advice (restricted AFSL) model.

The middle chart is by business model - the largest is the Financial Planning model and also had the largest losses at 1,110 losses.

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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