Weekly Financial Adviser Movement, June 2, 2022
Number of Advisers decreased by (-149) from 16,783 to 16,634
Click Here To Access Basic / Free Adviser Dashboard
Need More Data?
We have introduced new dashboards along with Adviser and AFSL Databases that are available to Wealth Data Members - Click Here For Membership Information
We now only have limited ‘free’ data on our website.
Key Adviser Movements This Week:
Net Change of advisers (-149)
20 Licensee Owners had net gains for 35 advisers
93 Licensee Owners had net losses for (-181) advisers
2 new licensees commenced and (-49) ceased
9 Provisional Advisers (PA) commenced and zero 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.
Ask Now For Year Long Members Lounge Access
〰️
Ask Now For Year Long Members Lounge Access 〰️
Summary
For the third week in a row, the week was dominated by licensees effectively closing (down to zero advisers). This week, 49 closed bringing the YTD to 208, more than double the number for the previous corresponding period, which was 97. Financial year to date, the numbers look glaringly bad with 338 closed versus 160, for the same corresponding period.
We are still seeing adviser losses backdated into 2021. It will be interesting to see if ASIC will take any action against the licensees that have not reported correctly, i.e., should have reported advisers as ‘ceased’ within 30 days of Dec 31, 2021.
The number of licensees dropped well below 2,000 to 1,987. What may be surprising to some is that the number of single adviser licensees is sitting at 631. Much lower than what it was in 2021 when it was nudging 800, but still quite a high number.
On a brighter note, we did see 9 new Provisional Advisers commence this week - see more below re Provisional Advisers.
Growth This Week
Growth by licensee was limited to only 20 licensee owners. AIA Company Ltd picked up a net 4 advisers, all from different licensees. Michael Walker (Walker Capital Private Wealth) up 4 to a total of 6 advisers - all 4 advisers are still authorised at Consultum.
A new licensee commenced with 3 advisers (details provided to members). Centrepoint back in growth mode with a net increase of 3 advisers, 2 at Alliance and 1 at Clearview. 4 licensees owners increased by net 2 including Sequioa, Findex and another new licensee.
A short tail of 12 licensee owners increasing by net 1 including Viridian, Insignia, Capstone and WT Financial Group.
Losses This week
Losses dominated by the licensee closures. 49 licensee closed accounting for some 87 advisers, led by NZ based Craigs Investment Partners with a loss of (-16). Other notables included William Buck Financial Services (WA) down (-9), BDO Tax WA down (-3). 7 licensees closed at (-2) advisers each and 37 at (-1) each. None of the advisers appear to have switched elsewhere at this stage.
Leading the losses for the week was the NTAA (SMSF Advisers Network), down (-26). The FinancialLink Group down (-7) and Life Plan lost (-6).
Interesting to note, that the Financial Planning peer group (providing holistic advice) had a poor week with total losses for the week of (-58) across 37 licensees, including 5 that effectively closed. The Accounting - Limited Advice model (restricted mainly to SMSFs), had another shocker, losing (-75) advisers across 39 licensees, with 37 of them now effectively closed.
We suspect that there is still quite a large number of mostly small licensees, who are yet to ‘cease’ advisers due to not passing the FASEA Exam. The next few weeks will be telling and then we hit June 30, traditionally a time for many advisers to call it quits.
Gains and Losses YTD
Again, not much change for the YTD data. Count still out in front with net growth 24, Castleguard next with 13 followed by PSK at 10. Sequioa and Industry Super Holdings at 9.
Losses YTD still dominated by Insignia at (-103) followed by Craigs Investments at (-66) and AMP Group at (-48).
Which Licensees Are Giving New Advisers A Start?
Dashboard 8 of our Deep Dive Dashboards, highlights the running sum of current Provisional Advisers and ‘New Advisers’ post 2019. It is our understanding that all new advisers post 2019 had to serve initially as Provisional Advisers, hence why we have combined the numbers.
The numbers highlight some steady growth, albeit nowhere near the number of losses that we are seeing each week. Below the charts, we have highlighted the top 3 licensees for the Financial Planning peer group. All the details are available to members.
Have a great week and don’t forget to check out our recent posts with short videos highlighting how the tools at the Members Lounge can help your business.
