Financial Adviser Weekly Movement to Dec 17, 2020
Analysis of the ASIC Financial Adviser Register (FAR) for December 17, shows another 24 adviser roles lost during the past week. The number of adviser roles dropped from 21,165 to 21,141. The number of ‘actual’ advisers reduced by 22, down from 20,798. See dashboard 12 as an explanation of the difference between adviser roles and actual advisers.
Gains for the week
Fortnum Advice a licensee owned by Fortnum Private were the big gainers with 11 advisers coming across from ‘Ottavo Financial Group’ (51% owned by AZNGA) who were previously licensed to Charter. Shaw and Partners picked up 5 advisers coming across from Wilsons Advisory. Oreana continued their strong growth adding 4 more advisers, 2 each from GWM (MLC) and 2 from Bridges (IOOF).
Only two new licensees appearing on the list this week, both with 1 adviser. Adviser Services Hub and Capital Financial Planning WA.
The number of Provisional Advisers increased by 1, dashboard 11.
Losses for the week
Leading the losses this week was AMP Financial Planning (AMP FP) losing another 15 advisers. Charter, also part of the AMP Group were down by 7 roles followed by QInvest and Wilsons both losing 6 advisers.
Three licensees moved down to zero advisers for a total loss of 6 adviser roles. The licensees being Clover.com.au, Unified Financial Services and Daniela Arceri.
Year To Date
Loss of adviser roles is now at 2,739. The losses post July have slowed with the Financial year to Date standing at a loss of 568 adviser roles. AMP FP have had the most losses at 315 and are now just hanging on as the largest licensee in the country by 2 roles ahead of SMSF Adviser Network, see dashboard 3.
Lifespan remain out in front with 66 net new roles created YTD. GWM (MLC) also a net gain of 66 roles but they did have 156 roles transferred to their licence from NAB Bank. Interprac have gained 39 roles and Sentry with 32.
At a ‘Licensee Owner / Group’ level, see dashboard 3, Castleguard (owners of Lifespan) out in front at 66, Sequoia (owners of Interprac) at 48. Fortnum who jumped up this week to a net gain of 34 roles as a result of the 11 gained this week.
AMP Group have lost a total of 509 roles followed by CBA 312 and MLC Group at 246. IOOF have lost 194.
Next Update Not Until January
With the holiday period fast approaching, we will not be providing another update until the New year. We will also provide a look back over the year,
Get More Out of the Dashboard - Watch the 4 Min ‘Quick Tips’ Video.
A short short video has been created to help you get the most out of the dashboards. It highlights how easy it is to see a ‘full screen’ of the data, filter by movement numbers and also how to see more details of each licensee.
