Weekly Financial Adviser Movement, June 16, 2022
Number of Advisers decreased by (-9) from 16,544 to 16,535
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Key Adviser Movements This Week:
Net Change of advisers (-9)
21 Licensee Owners had net gains for 25 advisers
33 Licensee Owners had net losses for (-38) advisers
2 new licensees commenced and (-13) ceased
6 Provisional Advisers (PA) commenced and 1 ceased.
Note: Our Members Lounge - Includes a dashboard that shows by name, each adviser joining, switching and leaving a licensee for the past week - Simply sign in, click on the Licensee Deep Dive Workbook - Dashboard 7 Weekly Change Adviser Names.
Summary
This week we saw a significant decrease in the number of small licensees effectively closing by being reduced to zero advisers. For the week, 13 closed for the loss of 15 advisers. 10 of the licensees belonged to our Accounting - Limited Advice business model. Again, many of the resignations were backdated into 2021.
Another continuing trend is the relatively small number of advisers switching licensees in the week. This week only one adviser switched. This may have been affected by the public holiday in some states. However, we have seen that during this year, many advisers are finding their way back into advice after some time away.
It makes sense for firms to be hiring ceased advisers who are qualified. After a massive fallout at the end of 2021, many firms will have lost established advisers and now need someone who is qualified to service existing clients. The alternative is to start new ‘Provisional Advisers’, but as we know, it can be a slow process to get them up to speed.
Note: We will soon be creating a database of ceased advisers, allowing users to find ceased advisers that may be suitable for their practice / licensee - stay tuned.
Growth This Week
William Buck (NSW) led the growth with 3 advisers, 2 are Provisional Adviser. Steinhardt Holdings (Infocus) up by 2 advisers, one adviser ex ANZ and the other is ex Charter. Count Financial also up by two advisers, 1 being ex Skybridge and 1 new Provisional Adviser.
A tail this week of 18 licensee owners with a net growth of 1 each including, UniSuper, Morgans, Fiducian and Diverger. 2 new licensees also commenced, both with 1 adviser each.
Losses This week
Losses from the 13 licensees that effectively closed accounted for 15 advisers. All small licensees.
Other losses by licensee owners included Christopher Maceachren (Wealth Trail) down (-2). FSSSP (Aware Super) also down (-2) as was Industry Super Holdings.
A long tail of 20 licensee owners, excluding those that closed, lost net 1 adviser each. Licensee owners included Insignia who had a busy week putting on 5 advisers but losing 6. Of the 5 that joined, 3 were ex ANZ advisers. Others down (-1) included Findex, PSK, Shartru and Oreana.
Gains and Losses YTD
Count, on the back another 2 advisers this week, are now up a net 28 advisers, which is now more that double Castleguard (Lifespan) at 13. PSK at 9 and 5 licensee owners are up net 7.
Losses YTD still dominated by Insignia at (-107) followed by Craigs Investments (closed) at (-66) and AMP Group at (-46).
Enhanced Analysis and Adviser Search Options
We have tweaked some of our dashboards to improve you analysis of the adviser market and to find new opportunities. Our adviser search database has also been updated to find advisers based on experience. The short video explains how to use the new options.