Weekly Financial Adviser Movement - Jan 20, 2022
Number of Advisers decreased by (-49) from 17,670 to 17,621
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Key Movements This Week:
Net Change of advisers (-49)
22 Licensee Owners had net gains for 33 advisers
46 Licensee Owners had net losses for (-81) advisers
3 new licensees commenced and (-8) closed
2 Provisional Advisers (PAs) commenced.
Note: On dashboards 1A (Licensees) and 1B (Licensee Owners), you can ‘hover’ your cursor over each ‘bar’ in the charts and see more details.
Summary
The net loss this week of (-49), took the net number of advisers down to 17,621. This is more than the 17,200 we have previously forecasted. We suspect that reporting of the data is taking time to work through ASIC because of holidays and Covid.
We also suspect that many licensees, mostly those in the peer group of Accounting – Limited Advice (mainly accountants providing SMSF Advice under a restricted licence) are yet to report. A large number are very small licensees who will need to remove themselves as the adviser(s) and close the licence which may be more complex than first anticipated.
To put this into context, there are 258 ‘one adviser licensees’ and 50 ‘two adviser licensees’ in this peer group and they had some of the lowest FASEA Pass rates when this data was available.
Growth This Week
Dashboard 1B - Licensee Owners. The two largest growth firms for the week are two new licensees with 4 advisers each (Not shown, for details, please call or email us). Another small firm, Radius Wealth was up by 3.
Centrepoint continue their growth up a net 3 advisers with 2 from CBA and 1 from Interprac. ASVW also still on the up with 2 advisers and have grown by 21 this financial year.
Losses This Week
CBA, Consilum and Insignia (IOOF) all down by a net (-7). Synchron down by (-4) and 4 groups down by (-3) including AIA and WT Financial Group. 6 firms down by (-2) and 32 down by (-1).
Year To Date Data
See dashboard 2 – A bit early to focus on the new year. If we change the date back to Jan 1, 2021, we can see that the loss of advisers ticked over 3,000 to (-3,017) as of jan 20, 2021.
The largest group right now is Insignia with 1,239 advisers followed by AMP Group at 1,111. AMP Financial Planning is the largest licensee at 595 followed by SMSF Advisers Network at 544 and in third position, Morgans with 446 advisers.
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Have a great week
