Weekly Financial Adviser Movement, May 5, 2022
Number of Advisers decreased by (-5) from 17,083 to 17,078
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Key Adviser Movements This Week:
Net Change of advisers (-5)
34 Licensee Owners had net gains for 63 advisers
42 Licensee Owners had net losses for (-68) advisers
2 new licensees commenced and (-6) ceased
3 Provisional Advisers (PA) commenced and (-1) 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.
Summary
A busier week as the holidays come to an end, dominated in part by adviser movement across the superannuation sector, because of the HOST / Statewide merger. The largest sector of the advice market operating under the Financial Planning business model, suffered a net loss of (-14). Note, you can toggle Business Models (Biz Model Type1) in the header of Fast Facts Banner on the Dashboards.
Growth This Week
Industry Super Holdings under the IFS Licensee had growth of 22. This was mostly due to 15 advisers switching from Statewide and Link, across to IFS who will now been the main provider of advisers to the new merged entity. IFS also added a further 7 advisers from different AFSLs, so a busy time for the IFS team.
VIVID Financial Planning put on three advisers with 2 coming across from Lifespan. 6 licensee owners grew by a net of two advisers including Fortnum , Findex and Oracle. One new licensee also commenced with 2 advisers.
26 licensee owners had net growth of 1 each including Shartru, Sambe Investments, Perpetual and one new licensee.
Total new licensees was 2.
Losses This week
Statewide with the largest losses, as mentioned, they have switched across to IFS. Count were down b (-4) and Castleguard (Lifespan) down -(3). Despite the losses, both licensee owners are in positive territory YTD.
Also down (-3) was FSSP (Aware Super), Insignia and Steinhardt Holdings (Infocus). A long tail of 32 licensee owners down (-1) including Diverger, Bombora and Picture Wealth.
Year To Date Movement
Industry Super Holdings join Count Group at plus 23. Given Industry Super Holdings has been driven by a merger, we will consolidate their results differently from next week. Diverger at plus 11 and Castleguard and PSK both at plus 10 round out the top 5.
As for losses, Insignia lead the way at (-70), Craigs at (-50), AMP group (-41), WT Financial Group (-35) and FSSP (Aware Super) (-21) are the top 5.
Interesting Stats for this week - 56 new licensees have commenced YTD, the exact same number as of the same period last year. 75 have closed compared to 68.
At the financial adviser level, the net loss of all advisers this year to date is (-243) or (-1.40%). This compares favourably with a loss of (-532) last year or (-2.58%).
Have a great week and don’t forget to check out the members lounge videos that may suit your role in the advice business. Titles for the following groupings:
Licensee Management Team
Fund managers, IT service providers, basically any firm that needs to speak to a licensee first before talking to advisers
Financial advisers - How to find a new referral opportunity and tools to help you find a new licensee including the option of being self licensed.
Click the link below to see the videos.
