Financial Adviser Insights To June 8, 2023
Adviser Numbers This Week Decreased By (-4) From 15,817 to 15,813
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Key Adviser Movements This Week:
Net Change of advisers down by (-4)
Net Change of +10 for 2023 Calendar YTD
29 Licensee Owners had net gains for 41 advisers
30 Licensee Owners had net losses for (-41) advisers
6 New licensees and 2 ceased
7 New entrants
Number of advisers active this week appointed / resigned: 92.
Summary
A busy week with 92 advisers affected in some way. Six new licensees commenced indicating that the growth of micro AFSLs is continuing on.
Growth This Week
A new licensee as named last week to members commenced with 6 advisers
Another new licensee commenced with 5 advisers
3 licensee owners grown by net 2 including Insignia who gained advisers from Beyond Band Australia who have agreed to provide new opportunities to Bridges, a licensee owned by Insignia
Centrepoint also up by 2 including 1 adviser coming across from Affinia which is now part of Count Group.
Rounding out the growth of plus 2 was another new licensee
24 licensee owners up by net 1 including Findex, Count Group, Diverger and Capstone.
Losses This Week
Beyond Bank down by net (-6). As mentioned in the growth section, they have commenced with Bridges as their advice provider.
ANZ Bank lost 4 advisers and all are showing ceased
Three licensee owners down (-2) each including Clime and Morgan Stanley
A long tail of 25 licensee owners down by (-1) each including Evans Dixon, Picture Wealth, PSK and AMP group.
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Disciplinary Actions - By Advisers By Year
It feels that barely a few days go by without seeing adviser being disciplined in some capacity via ASIC and the courts. We have put together the chart below that highlights the total number of disciplinary actions (DAs) by individual advisers for each year since 2015. In total 175 advisers affected by DAs with the most occurring during 2019.
The ‘orange line’ signifies the number of DAs that do not have an end date. Most of these occur when the adviser has been permanently banned. The data supplied by ASIC is often a little vague on this. The total number is 48. Not shown are the number of advisers that are current, this is only at 7.
In percentage terms the numbers are very low. For example, in 2019 the average number of advisers was 25,712 and with 34 DAs that is only 0.13% of the advisers or 1 in every 756 advisers. Given the level of scrutiny post the Royal Commission, these figures may seem very low.
When looking at 2023, the number is currently at 4. When reviewing media releases from ASIC for ‘advisers’ there are many more than 4 for 2023. What often happens is that a media release relates to a case that commenced pre 2023. For example, in the latest case, the banning of an adviser from QLD that was released by ASIC on June 6, 2023, the banning order took effect from Sep 2022.
Number of Financial Advisers that have a DA against their name by Year. Orange line represents DAs that do not have an end date - usually indicating they have been permanently banned. In total 175 adviser impacted, of which 48 have no end date to the DA.
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