Financial Adviser Insights To May 11, 2023
Adviser Numbers This Week Decreased By -5, From 15,850 to 15,845
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Key Adviser Movements This Week:
Net Change of advisers down by (-5)
Net Change of +43 for 2023 Calendar YTD
21 Licensee Owners had net gains for 26 advisers
20 Licensee Owners had net losses for (-27) advisers
3 new licensee and 0 ceased
5 New Entrants
Number of advisers active this week appointed / resigned: 70.
Summary
Another week of losses which is disappointing. Calendar YTD is starting to drop off over the last 28 days, from net growth of 71 to 43. Calendar YTD, we have seen 136 New Entrants.
Growth This Week
A new licensee commenced with 3 advisers after leaving WTL Financial Group (Synchron)
Australian Administration Services (Link Group) up by 2, one being a new entrant and the other is ex WT Financial Group (Sentry)
AMP Group also up by 2 after hiring 3 advisers, 2 being new entrants and losing 1 adviser
Alexander Euvrard (Havana) also up by 2, picking up 1 adviser from Spark Advisers and another adviser returning after a short break
17 licensee owners up by net 1 each including 2 new licensees, Count and AIA Company.
Note: On a licensee level, there were 5 appointments at Australian Executor Trustees (AET) who are also currently authorised at Equity Trustees Limited, both owned by EQT Holdings (EQT). However, ASIC is still showing AET as being owned by Insignia who sold the business to EQT last year. As a result, Insignia is benefiting by 7 current advisers on the registrar and a gain this week of 5 at AET. The gains were diluted by losses of (-7) across other Insignia licensees.
Losses This Week
FSSSP Financial Services (Aware Super) down by (-3) - none appointed elsewhere
Five licensees down (-2) each including Findex, Ord Minnett, Choice Financial and Insignia. Noting above, Insignia should be showing a loss of (-7)
14 licensee owners down (-1) each including Uni Super, WT Financial Group, Janus Financial, Sequoia and Steinhardt (Infocus).
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Movement Last 12 Months - Financial Planning Model Only
The last 12 months is an interesting period of time as it takes in the movement at the close of last financial year, (a lot of advisers leave in June), plus the movement pre and post the new calendar year.
The charts below highlight only licensee owners with licensees in our Financial Planning model, the largest cohort of advisers and generally, the advisers that offer holistic advice to clients.
Overall, the net loss of advisers is (-348). Despite this loss, 101 new licensees commenced, almost all Micro AFSLs with between 1 and 4 advisers and 49 closed.
The chart bottom left shows the top 10 growth licensee owners headed by a new firm MBS that specialise in risk advice, followed by Fortnum and PSK. Outside of the top 10, the remaining licensee owners lost (-479) advisers (see next chart)
The chart bottom right is the reverse, showing losses with AMP losing the most at (-158), followed by Insignia at (-122) and WT Financial Group at (-101). The remaining licensee owners came in at +170. This highlights the difficulty that large licensees have been going through. However, many of the losses have been to Micro AFSLs and they may well be buying services from the larger licensee owners.
Movement in the Financial Planning Busines Model - Top 10 Gains and Losses
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