Number of Advisers decreased by -5 from 15,899 to 15,894

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Key Adviser Movements This Week:

• Net Change of advisers (-5)

• 23 Licensee Owners had net gains for 28 advisers

• 24 Licensee Owners had net losses for (-30) advisers

• 5 new licensees, with 3 re-commencing and (-3) ceased

• 10 Provisional Advisers (PAs) commenced and none ceased.

A busy blog post with analysis of the gender balance across advisers, a closer look at the large licensee owners and your chance to ‘Rating the Ratings Houses’.

Growth This Week
At the licensee owner level, Insignia lead the way with net growth of 4, boosted by the hiring of 5 Provisional Advisers with just one adviser exiting the group from Millennium 3. See more later as we take a closer look of the major licensee owners.

Industry Super Holdings continue their growth up net 2 advisers, one from UniSuper and the other from Charter. Owner Christopher Humphrey (Radius Wealth) up 2 with both advisers coming across from the Financial Link Group. A tail of 20 licensees up by net one including all five new licensees. Other licensee owners up by one include Sequoia, Fortnum and Morgans.

Losses This Week
Diverger and the Financial Link Group both down by (-3) each. All Diverger exits via Merit Wealth and none showing as being reappointed. The Financial Link Group have had a tough year, losing (-52) advisers, down from 98 as of Jan 1 , 2022 to 46 as of today.

A tail of 20 licensee owners are down by net (-1) including AAN Wealth, Centrepoint, Count, Ord Minnett and WT Financial Group.

Gender Balance Across Advisers
We often get asked about the balance of males / females across the adviser network. ASIC does not request the gender of each adviser and for us to generate the data, we have used a ‘best guess’ method, reviewing a combination of first and middle names and for others, we do a Google search.

For those looking for diversity, the results are not great. However, there are some brighter spots with a better balance among new entrants as measured by Provisional Advisers - see charts below.

We have created a new Dashboard - Licensee Deep Dive - Dashboard 10A. The dashboard allows you to see the gender balance across Business Models, Provisional and Experienced Advisers (see image below), by State and by grouping adviser experience. We also show diversity by individual licensees.

Large Licensee Owners - Movements Through The Year
We take a brief look at the major licensee owners. Its been another challenging year to date, but things are beginning to settle.

The chart below, from Adviser Fast facts - Dashboard 2B, highlights that only one major licensee owner, Count Group, is showing positive movement over the last 12 months (not calendar year) and also at six months. Insignia have had a tough 12 months down (-239), but have steadied over the last 6 months, only down (-62), and actually turned positive for the last month at +2. AMP group have suffered the greatest loss over the last 6 months at (-111)and WT Financial Group are taking the hardest losses over the past 3 months at (-64) and a tough last month at (-13).

Centrepoint has been steady throughout the time periods, despite a number of mergers which often results in higher losses. Morgans and Ord Minnett who are both in our Investment Advice business model have similar losses to each other.

It is worth noting that Insignia have just overtaken AMP for the number of Provisional Advisers, now at 24, 3 ahead of AMP at 21. Morgans is at 8, Centrepoint at 9, WT Financial group at 8 and both Diverger and Count at 5.

As for losses calendar YTD, the move to self-licensed is a big factor for losses. See Dashboard 5 Adviser Fast facts - AMP has lost 51 advisers to small licensees (under 20 advisers). Should note that AMP have also lost 25 advisers to PSK which now owns the Ipac AFSL and still has a close connection to the AMP Group. Insignia have lost many more at 88. However, it may be that some of these advisers are stil using Insignia services as they (Insignia) service many self-licensed advisers. WT Financial have lost 51 and Diverger only 18. Centrepoint have only lost 8 and Count at 7. Ord Minnett and Morgans tend to see very low losses by comparison, Morgans only losing 4 and Ord Minnett just the one.

As for advisers joining, see Dashboard 4 - Adviser Fast Facts. Count have switched in 36 advisers with 9 coming from licensees that have now closed. Insignia have completed 49 switches, 9 internal switches, but none from closed licensees. AMP at 32 but 13 are advisers exiting and joining alternate AMP licensees. WT Financial Group have switched in 20 including 4 internals. Clearview at 79 but some 35 are internal switches as they close down. Clearview, leaving a net 42 switching across which is still strong.

For more detailed analysis - please call or email and we can show you how we can help.

Financial Newswire’s Rating the Rating Houses - Survey Now Open for the Adviser Market

Here is your chance to rate the ratings houses and we would really appreciate your contribution. It is a short five-minute survey which will greatly help advisers, licensee owners and the rating houses to better understand what’s important to the end users - the advisers and licensees.

Information collected is confidential and a summary of the results will be published upon completion. To commence the survey click on the image below. For any questions, please contact Yasmine Masi of Financial Newswire via email yasminemasi@financialnewswire.com.au

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