Weekly Financial Adviser Movement, June 30, 2022
Number of Advisers decreased by (-126) from 16,530 to 16,404
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Key Adviser Movements This Week:
Net Change of advisers (-126)
12 Licensee Owners had net gains for 15 advisers
67 Licensee Owners had net losses for (-142) advisers
1 new licensees (recommenced) and (-14) ceased
3 Provisional Advisers (PA) commenced and 3 ceased.
Note: Our Members Lounge - Covers all movement and very detailed reports for all licensees and advisers.
Summary
Please note: While our post is titled ‘June 30’, the data released today by ASIC is effectively to June 29th. We are expecting the next data set from ASIC to hold some significant change which traditionally occurs on June 30th. Having said that, we still saw a lot of change this week with some interesting insights detailed below. A three-figure loss is disappointing. However, we believe some of those losses will find their way back into the ASIC Financial Adviser Register next week, but not enough to offset losses.
Growth This Week
One of the weakest weeks of appointments recorded. Barry Crabtree - Hejaz grew by 3 advisers, one adviser each coming across from Synchron and Affinia and another after being out of advice for some 2 years. Findex Group up by 2 including one adviser from LUCRF Super. Thereafter, 10 licensee owners had net growth of plus 1 including one licensee that has recommenced.
Note: We typically see the last week of June as being very weak for appointments and the first week of July being one of the strongest.
Losses This week
Losses this week dominated by Insignia down (-15), Diverger (-14) and WT Financial Group (-11). We suspect a number of the affected advisers from these groups will appear in new licensees, including small self licensed from next week.
We also saw a further 14 licensees closed accounting for net loss of (-20). You will notice on the 1B Licensee View of (Adviser Fast Facts) that Dixon Advisory is down to zero advisers. Their AFSL was suspended quite some time ago and it is showing a loss of of (-34) advisers for the week. However, all advisers are also authorised under the Evans and Partners AFSL, so no actual losses.
Ord Minnett’s licence E.L. & C Baillieu Limited also showing a high loss of (-99). It appears that the licence is being wound up. All advisers are also authorised under Ord Minnett, therefore no actual loss of advisers. The movements at both Evans Dixon and Ords are examples as to why we focus on the movement at licensee owner level, as opposed to individual licensees.
Other notable net losses this week includes, AMP down (-5), Capstone (-4) and Castleguard (Lifespan) down (-4).
Gains and Losses - Financial YTD
As we come to closing out the financial year, we look at some stats (so far) for the financial year that was. Growth to date sees AIA Company at plus 49, which benefited from a deal with CBA. For long standing businesses, Count out in front at plus 28 just in front of Centrepoint at 23. ASVW a new group up 20 to a total of 25.
As for losses, it is difficult reading for many of the large businesses. NTAA (SMSF Advisers Network), effectively crashing, losing over 400 advisers. Insignia down over 300 and AMP down 223. CBA down 205 after removing itself from personal advice.
How licensee owners fair as we get close to finishing off the 2021/22 financial year.
Other Details Worth Noting For FYTD
The number of new AFSLs at 154 just slightly behind 163 for the previous year. However, closed licensees are at 402, almost double the previous FY of 204. Actual adviser losses down (-2,545) slightly more than the (-2,447) of the previous FY. However, in percentage terms, the gap is wider due to the lower starting point of advisers, this FY down -13.43% versus -11.44%
Will review in more detail next week.
How You Can Find ‘Ceased’ Advisers - New Database Search Option
We have released a search option to help you track down experienced and qualified advisers who are not listed as ‘current’ on the ASIC FAR. We also have details of advisers that we know have passed the FASEA exam and not current, over 1,560 advisers on this database. Close to a 1,000 of them ceasing during 2021/2. See the short video below for a quick demo.
If you have tried to look up ceased advisers, you will know that much of their important details are removed from the ASIC FAR. We have ran a series of ASIC FARs across known ceased advisers, to bring back details for the vast majority of ceased advisers. For more details, please call or email.
The database in demo mode - Feedback is welcomed and we can provide a comprehensive spreadsheet of the data.
