Financial Adviser Weekly Movement - July 30, 2020

Key points form the data are as follows

For the week 22 Net Adviser role losses (variance between Advisers Appointed* and Advisers Resigned*). However, quarter to date is a positive net change of 48 Adviser roles.

It is important to note that the data from ASIC can be open to short term fluctuations. Licensees are given 30 days to report changes. For example, an Adviser that resigned on June 30th could have been reported on July 29th. It is the date of resignation that is shown in the data, not the date that it was reported. Overtime the fluctuations tend to smooth out.

For the week, Bombora Advice with a net growth of 4 Adviser roles lead the way, followed by Wealth Today and Boston Reed both with 3. Net losses show AMP Financial Planning with 5 with Apogee and ANZ Bank both with 4 losses.

An interesting chart to view is the direct year on year comparison for Adviser movement on Tab 2 of the dashboard. The charts are almost identical with steep losses from January to June 30 and a plateau for July. On a positive note, the accumulated losses for 2020 at 2,090 is better than 2019 which was at 2,771 for the same period.

AMP Group which is always in the news, continue to lose Adviser roles, but it might surprise many to note that losses at AMP Group, on a percentage basis YTD are less than those for NAB / MLC Group. AMP Group YTD have lost 278 Adviser roles, or -12.96%. NAB / MLC Group have lost 174 Advisers or -15.37%. (Tab 3 - Hover coloured bars on chart titled ‘Net Change Adviser Roles Lic Owner > 50 Curr Advisers’).

No ‘new to advice’ Advisers appointed in the reporting for the week.

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*Appointment - means an Adviser was ‘appointed’ to a licensee. As the vast majority of appointments are from one licensee to another, they can also be seen as a switch.

*Resignation - Means an Adviser resigned (ceased) from an existing licensee.