This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a reduction of (-40) Adviser Roles from 20,804 to 20,764.

The number of actual Advisers dropped by (-47 ) from 20,464 to 20,417.

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For more information regarding the variance between Adviser Roles and actual Advisers see Dashboard 17. The variance this week was caused by 8 Advisers appointed without ‘resigning’ and therefore now holding 2 roles, and 1 Adviser fixing a previous error after being appointed three times at the same licensee. Now correctly showing as having 1 role.

For the week, 55 Adviser roles were appointed and only one was a ‘new’ Provisional Adviser. Therefore, 54 appointments can be seen as experienced advisers switching licensees. 95 Adviser roles resigned to give the net total of (-40) Adviser roles.

Gains For The Week
22 licensees made net Adviser role gains for the week. New licensees dominated with IMFG starting out with 7 Adviser roles after leaving Apogee. Arrive Capital started their new licence with 5 Advisers, all ex Hillross. KPS Wealth commenced with 5 Advisers, however all Advisers also remain at Axis Investment Centre. 5 existing licensees had net gains of 2 roles including Akambo and RI Advice.

A total of 5 licensees commenced this week for 19 roles.

Losses For The Week
50 licensees had net Adviser losses for the week. AMP Financial Planning and Apogee both losing a net (-9) roles each, Hillross down (-6) and a long tail thereafter that includes QInvest at (-3), Financial Services Partners also at (-3) and Australian Unity at (-2).

A total of 5 licensees effectively closed (now with zero advisers) for a total of (-8) roles. All licensees that closed were licensees attached to accounting firms. The closure of licensees attached to firms, whereby financial advice is not the main priority, is now happening very regularly.

Points To Note
Year to date, 205 Adviser roles have been lost, this is a large number but well below the first quarter of 2020 when 761 roles were lost - Dashboard 7.

A total of 19 licensees have come to a close year to date for the loss of 49 adviser roles. 31 licensees have commenced for a net gain of 77 Roles.

The 77 roles for new licensees is the same number as the top 8 licensees of growth - See Dashboard 2 for license growth.

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Colin Williams