Weekly Financial Adviser Movement, June 23, 2022
Number of Advisers decreased by (-5) from 16,535 to 16,530
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Key Adviser Movements This Week:
Net Change of advisers (-5)
35 Licensee Owners had net gains for 37 advisers
32 Licensee Owners had net losses for (-41) advisers
3 new licensees commenced (inc 2 coming back on) and (-6) ceased
16 Provisional Advisers (PA) commenced and 4 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
A reasonably busy week despite the moderate decline in adviser numbers of (-5). The standout was 16 new Provisional Advisers coming onto the FAR. However, that number does hide the number of experienced advisers exiting.
The trend of relatively low switching during the same week of reporting continues with only 5, this includes 2 at Centrepoint Group making internal switches. Otherwise it would only be 3. This low switching rate indicates that we are not seeing the ‘on mass’ switching by practices between one licensee and another. Rather, we are seeing individual practices hiring a combination of experienced advisers and Provisional Advisers.
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. Currently in Test Mode.
Growth This Week
Castleguard (Lifespan) up net 2 this week with one adviser coming back in and also hiring 1 Provisional Adviser. Australian Financial Advisory Solutions, also up net two, both being Provisional Advisers. A very long tail this week of 33 licensee owners growing by net 1. The list includes Fortnum, MWL Group, Steinhardt (Infocus), Findex and AMP Group.
Three licensees came on board each with 1 adviser only. Two are licensees that had previously gone down to zero advisers and have now appointed advisers. Details of each given to members only.
Note: The number of Provisional Advisers that are current now stands at 226. In addition, since the start of 2019, there are 203 ‘new qualified advisers’ brining the total to 426 new/Provisional Advisers. In this time, only 4 licensee have hired 10 or more. For the details, members can access the data via the ‘Licensee Deep Dive’ - Dashboard 8 - Provisional and New Advisers.
Losses This week
Losses from the 6 licensees that effectively closed accounted for (-8) advisers. One licensee owner, MVA Bennett Holdings saw the loss of (-3) advisers and the others all down (-1) adviser.
After taking on 3 new advisers last week, William Buck (NSW) evened things out with (-3) advisers off the FAR this week. WT Financial Group also down net (-3)
Three licensee owners down (-2) each including ANZ who are down to just 53 advisers. Nexis Sydney and TAL the others who lost net 2 advisers.
26 licensee owners down net (-1) which includes the closed licensees. The list includes Diverger, Marsh Mercer, Ord Minnett and Oreana.
Gains and Losses YTD
Count are still up by plus 28 with Castleguard now in a clear second spot at 15. PSK are at 9. YTD, 230 licensee owners are in positive territory accounting for 512 advisers. However, this is dominated by small groups. For example, 165 are licensee owners with 10 or less and accumulating 290 advisers.
As for losses, Insignia still lead the way with (-107), followed by Craigs Investment Partners at (-66) and AMP Group at (-45). WT Financial Group are edging closer to AMP Group and now at (-41). YTD, 499 licensee owners are in negative territory for the loss of (-1,159) advisers. 234 licensee owners (245 actual licensees) are now down to zero advisers, accounting for the loss of (-420) advisers.
SMSF Statistics To March 31 , 2022
During the week we updated the SMSF Statistics. This is where we apply current number of advisers, at each quarterly interval point, to the statistics released by the ATO.
We appreciate that not every SMSF has an adviser and not every adviser works with SMSF clients. The stats simply highlight the growing number of SMSFs that will potentially require the support of an adviser. The stats clearly indicating that existing advisers to naturally increase their market share of SMSF clients as the total number of advisers continue to decline.
Dashboard 5 of the statistics shows the decline of cash as asset held within SMSFs. This number will go up and down in the opposite direction of equity markets, but the trend is definitely down. This indicates that many SMSF clients may now be seeking more investment advice as opposed to a passive approach.
Click on the image to view the dashboards that are also available to non members.
Number of SMSFs and Assets per adviser growing rapidly as SMSFs grow and the number of advisers decline. Click image to view all dashboards.