Financial Adviser Movement To September 10, 2020
The latest ASIC Financial Adviser dataset shows a net change on a week to week basis of -46 Adviser Roles and -40 registered in the last seven days. (Please read Tab 13 of the dashboards to explain why the data can be skewed week to week).
The losses for this week was across a large number of licensees. The largest being Commonwealth Private Banking with -8. This appears to be a part of continuous transition of the business with a move away from providing personal advice and focusing on wholesale / sophisticated advice only.
AMP, Fitzpatricks and Togethr (super fund) all lost 4 Advisers. AMP have now lost 178 Advisers YTD, which is 4.8 Advisers per week. Fitzpatricks appear to have lost one major practice ‘The Wealth Connection’.
The losses tip the numbers for the current quarter into negative territory at -43 or -0.2%. The losses over the quarter are much better than the same period in 2019 which showed a loss of -436 Adviser roles.
Year to date, Lifespan continue to be the largest growth licensee (excluding GWM that had 156 Advisers transferred from NAB), with a net growth of 51 Advisers. Interprac have gained 47 and a gap to Sentry in third position at 33. Licensees with the largest losses belong to the major institutions with NAB at -224, AMP at -178 and Financial Wisdom at -174.
Link to the dashboards below
** We have had a number of inquiries to generate lists of Advisers in different formats and for different licensees, and where possible include contact details. The lists are doable and can normally be turned over a short period of time. If you want a list please call Colin Williams directly on 0432 485 569 or email colin.williams@hfs-consulting.com **
