Weekly Financial Adviser Movement, June 9, 2022
Number of Advisers decreased by (-89) from 16,634 to 16,545
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Key Adviser Movements This Week:
Net Change of advisers (-89)
25 Licensee Owners had net gains for 35 advisers
69 Licensee Owners had net losses for (-126) advisers
1 new licensee commenced and (-31) ceased
1 Provisional Adviser (PA) commenced and zero ceased.
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Summary
For the fourth week in a row, the week was dominated by licensees effectively closing (down to zero advisers). This week, 31 closed bringing the YTD to 229, more than double the number for the previous corresponding period, which was 103.
Financial year to date, the numbers look worse as many are backdating losses, with 369 closed versus 166, for the same corresponding period.
Of the 31 licensees that closed, 24 are listed under our Accounting - Limited Advice (SMSF Advice) for a total of 27 advisers. 3 licensees were in our Financial Planning model (holistic advice) with 8 advisers lost and to date, none have been reappointed.
Growth This Week
MWL Group led the growth with 3 advisers, all gained from different licensees and had resigned earlier in the year.
8 licensee owners had net growth of 2 including UniSuper who picked one adviser from Aware and the other from L.U.C.R.F. Steinhardt Holdings (Infocus) also up net 2, with advisers coming from ANZ Bank. A new licensee commenced with 2 advisers, with the practice moving away from Life Plan. Centrepoint, Count, AMP and Excelsuper rounded out the licensee owners who grew by 2 advisers.
A tail of 16 licensee owners had growth of net 1 each, including Spark Partnership Group, Euroz Hartleys and Australian Unity.
Losses This week
Losses dominated by the licensee closures and ANZ. This week ANZ shed 28 advisers, 4 of whom have switched to new licensees.
As mentioned earlier, 31 licensees effectively closed by moving down to zero advisers and this accounted for a total of 45 advisers. LUCRF Super, now part of AustralianSuper, down (-7) and Intercharge down (-6). 3 others closed out losing 2 advisers each and the remaining 26 all losing 1 adviser each.
Other notable losses (but not down to zero advisers), Diverger down (-4) all from Merit licensee. Aware Super also down by (-4). Insignia down (-3), losing 4 advisers and gaining 1.
Gains and Losses YTD
Count, on the back of growth of 2 advisers this week are now up a net 26 advisers, which is double Castleguard (Lifespan) at 13. PSK at 10 followed by Industry Super Holdings at 9.
Losses YTD still dominated by Insignia at (-106) followed by Craigs Investments at (-66) and AMP Group at (-46).
Experienced Advisers - How many Are There?
With a change in government, that has been a lot of talk about the opportunities that may be given to experienced advisers with more than 10 years experience.
As usual, the devil will be in the detail, but as you can see from the tables below, there are a lot of advisers who could well gain from any change.
Below is a table with a breakdown of advisers by Business Model type. The column on the end highlights the percentage of advisers who commenced before 2012.
This table above covers all advice business models. It shows that 63.1% of all advisers have a year commencement date of before 2012. The highest percentage at 67.9% is for the Investment Advice (focus on investments only) and Financial Planning at 66.5%.
Accounting - Limited Advice (SMSF Advice) is by far the least experienced at only 12.5%, as most of the advisers in this business model commenced from 2016. Therefore, any benefits for advisers with more than 10 years experience will have little use to this sector of the advice market.
This table is by the size of licensees and has been filtered for for licensees that are in the Financial Planning Business model. It highlights that 89.4% of advisers in single adviser licensee commenced before 2012. The licensees with between 5 and 9 advisers had the lowest rate at 58.2%.
NOTE: All the charts above are available and can be modified by you at the Members Lounge - You can even view and sort the advisers by licensee. Don’t forget to check it all out.
Have a great week.
