Weekly Financial Adviser Movement, Nov 10, 2022
Number of Advisers increased by 7 from 15,895 to 15,902
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Key Adviser Movements This Week:
Net Change of advisers +7
29 Licensee Owners had net gains for 32 advisers
17 Licensee Owners had net losses for (-23) advisers
2 new licensees commenced and (-1) ceased
5 Provisional Advisers (PAs) commenced and none ceased.
Note: See bottom of post for clarification on our numbers compared to the raw ASIC Financial Adviser Register (FAR).
Summary
The number of advisers rose above 15,900 as some advisers made their way back to the ASIC FAR, along with another good week of new entrants coming on as Provisional Advisers. The adviser market has certainly steadied since the wave of losses post the Financial (FASEA) Exam that we saw in early October.
Growth This Week
At the licensee owner level, it was a was steady with 6 owners increasing by a net of 2 advisers. The list includes Telstra who had 2 advisers coming back into advice after a short break, MWL Group picking up 2 from AAN Wealth, Highfield Group picking up 2 from NEO Financial Solutions, but both are still showing as still current at NEO, suspect this is temporary.
CHPW Financial also up two with one adviser from KDM Financial and the other from Bell Potter, who is still showing as current at Bell Potter. Boston Reed also up 2, however, this seems to be due to some internal movement which caused the numbers to jump around over the last 2 weeks. A new licensee commenced with 2 advisers (full details given to members) who moved away from Synchron, part of WT Financial Group.
20 licensee owners are up net 1 including Viridian and Steinhardt (Infocus), both with new Provisional Advisers. Insignia up a net 1, putting on 2 advisers and losing 1. Fortnum also up by 1 hiring an adviser coming back after a break.
One new licensee commenced with 1 adviser.
Losses This Week
WT Financial Group are down (-4), all losses at Synchron. This is the third week in a row that WT Financial top the losses for the week and are now down 12 for the past 3 weeks. Diverger down (-3), all from Merit Wealth. AMP Group down (-2), picking up 2 advisers at Charter but losing 4 at AMP Financial Planning. A tail of just 14 licensee owners down (-1) including Centrepoint, Chris Brycki (Stockspot), Sequoia and Perpetual. The lone licensee that closed had only the 1 adviser.
Gains and Losses Since Jan 1 2022 - Dashboard 2A Adviser Fast Facts
Count still lead the way calendar YTD with plus 33, followed by Industry Funds Holdings at 26 and PSK at 23. As for losses, Insignia at (-172), AMP Group at (-157) and WT Financial Group at (-110).
Growth and Losses 2022 YTD
Wealth Data Numbers Versus Raw ASIC FAR
Following on from last week, we were posed with a question re our number of advisers versus those on the ASIC FAR. Below is a quick summary as to why our numbers are always a bit different to the FAR.
When initially reviewing the ASIC FAR, many people miss the fact that some advisers appear as current more than once. The ASIC file is massive with 78,804 entries as of today. 16,463 entries are classed as current. However, some 11 advisers are authorised three times and a further 301 are authorised twice. Most of the multiple authorisations are at a small number of ‘licensee owners’ who have more than one licensee such as Shaw and Partners, Findex and Macquarie. When we compile the data, an adviser is only counted once at the highest level, i.e. when showing total number of advisers only.
Lastly, we remove Time Share advisers and a small a group of advisers who provide basic FX advice, such as those who work at Western Union.
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