Financial Adviser Insights To May 4, 2023
Adviser Numbers This Week Decreased By -10, From 15,860 to 15,850
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Key Adviser Movements This Week:
Net Change of advisers up by (-10)
Net Change of +49 for 2023 Calendar YTD
22 Licensee Owners had net gains for 28 advisers
25 Licensee Owners had net losses for (-40) advisers
1 new licensee and 2 ceased
11 New Entrants
Number of advisers active this week appointed / resigned: 71
Summary
A busy week of movement with 11 new entrants helping to cushion a large number of resignations.
Growth This Week
Count Group up by 3 with 2 advisers joining their recently acquired licensee Affinia, 1 from Morgans the other from Infocus. The remaining adviser joined Count after a few years away from advice.
Four licensee owners up by +2 including Diverger with both advisers joining GPS Wealth. The other 3 licensee owners who also picked up 2 advisers each, are small licensees including Allman Partners who hired 2 new entrants.
17 licensee owners up by plus 1 including Viridian Group, Shartru, Bombora and Amodio Financial Services.
Losses This Week
Insignia lost (-7) advisers, only 1 showing as being appointed elsewhere. This brings Insignia advisers numbers to 1,034 - inching closer 1,000.
Politis Investment Strategies down by (-4) and only 1 showing as being reappointed elsewhere.
WT Financial also down by (-4), only 1 of the 4 being appointed elsewhere.
Three licensee owners down by (-2) including Centrepoint who appointed 4 and lost 2.
19 licensee owners down by (-1) each including Fortnum, Fiducian, Morgans, and AMP Group.
The AFSL Blue Book - Find the details you need
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Who Is losing Advisers To Micro AFSLs?
Last week, we examined the growth of micro AFSLs. This week, we take a look at the licensee owners who have lost advisers to new micro AFSLs that have between 1 and 4 current advisers
The data below is from Jan 1, 2021 to May 3, 2023.
For micro AFSLs in our Financial Planning model, Insignia has lost 72 advisers, followed by WT Financial Group at 55 and AMP at 47. Centrepoint, with only 15 lost advisers. Please note that the licensee owners may still have a relationship with the ‘lost’ advisers by providing services to the micro AFSLs.
Licensee owners with 100 or more advisers have lost a total of 251 advisers to the new micro AFSLs. Surprisingly, licensee owners with less than 20 advisers have lost 82 advisers to this segment. Overall, there has been a total of 403 advisers moving to the micro AFSLs in this time period.
In our Accounting - Financial Planning model, Insignia tops the list with 19 lost advisers, with 18 of the 19 advisers leaving their Lonsdale licensee. WT Financial Group comes in second with 5 lost advisers, followed by AMP Group with 4. The total movement of advisers lost to this segment is 55.
Note: The above data extracted from Adviser Fast Facts - Dashboard 4.
New Dashboard - Authorised Representatives - Dashboard 6 of Adviser Fast Facts
Our dashboards focus on advisers providing personal financial advice as listed on the ASIC Financial Adviser Register (FAR). We have now added the Authorised Representative dataset as dashboard 6.
Most ‘self employed’ models tend to appoint advisers as authorised representatives and they inturn are usually linked to a corporate authorised representative (CAR). The number of CARs can be used as a proxy to the number of practices a licensee may have. And as more than one adviser can be authorised under each CAR, you can get an indication to the average sized practice. For example, Insignia have a ratio of 2.07 Authorised Representatives (ARs) per CAR, AMP at 2.73 and Centrepoint at 1.6. All this info is in the dashboard.
Some authorised representatives are NOT financial advisers. They can give some advice hence being authorised but that advice does not fall under personal financial advice and as such, these advisers are not on the ASIC FAR.
As the dashboard is new, please comment as you see fit for how we can make this more useful.
Note: On our databases we have started to add some elements of the CARs in the databases.
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