Weekly Financial Adviser Movement, August 18, 2022
Number of Advisers decreased by (-4) from 16,398 to 16,394
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Key Adviser Movements This Week:
Net Change of advisers (-4)
28 Licensee Owners had net gains for 41* advisers
30 Licensee Owners had net losses for (-41*) advisers
1 new licensee commenced and (-7) ceased
8 Provisional Advisers (PA) commenced and (-1) ceased.
Note: Our Members Lounge - Covers all movement and very detailed reports for all licensees and advisers.
Summary
A slower week with a net decline of (-4) advisers. The financial year still looks strong at plus 152 compared to 76 for the corresponding period last year. A solid week of 8 Provisional Advisers being appointed.
Growth This Week
A new licensee commenced this week (details provided to members) with a total of 6 advisers. LFG Financial Services gained 4 advisers (3 from Badge Financial and are currently still showing current at Badge) and losing 1 to be plus 3 for the week. Janus Financial (First Financial) also up net 3, all being new Provisional Advisers.
4 licensee owners up plus 2 including Perpetual, MWL and MIQ Capital Partners. 21 licensee owners up plus 1 including Shartru, Oreana, HESTA, Castleguard (Lifespan) and ASVW Holdings.
Losses This week
AMP Group had another tough week with a net loss of (-6) advisers, putting on 2 and losing (-8). Diverger down (-4) with the remaining six advisers at The SMSF Experts leaving, 2 of which moved to Merit. A small licensee closed accounting for 3 advisers and Clime Group down (-2). A long tail of 26 licensee owners down (-1) including Centrepoint, Fiducian, Macquarie Group and NTAA.
A total of 7 licensees effectively closed, with a number of these backdated into last year. In total they accounted for the loss of (-14) advisers, only a small number appointed elsewhere.
Gains - Multiple Dates (Adviser Fast Facts - Dashboard 2B)
This week we highlight gains filtered over 1 year. We have added a ‘Previous Year’ comparison. The chart is based on licensee owners only. The dashboard does include individual licensees which members can access.
The chart shows AIA with the highest gains. AIA started from zero with advisers from CBA and therefore, the previous year is showing zero (no change). Count Group up by 32 compared to (-11) the previous year. ASVW Holdings, a relatively new group, going strong up 23 and was up by 6 the previous year. Oreana up by 17 and had a very strong previous year of plus 28.
This chart has been filtered by highest gains over the last 1 year. The dashboard allows the data to be filtered from high to low and low to high on all columns.
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*Note: This week, number of gains and losses do appear to negate each other exactly. However, the weekly net result is a loss of (-4) advisers. This occurs regularly and we get asked as why the ‘math’ does not always add up. It is due to the reporting period which allows licensees up to 30 days to report advisers appointed and resigned. For example, Licensee ABC appoints 4 advisers from Licensee XYZ. Licensee ABC reports the gains immediately but Licensee B does not. This would show Licensee ABC up plus 4 and XYZ no change. Overall the number of actual advisers has not changed (will show the 4 advisers as authorised at more than 1 licensee),and our weekly change would be zero. The reverse would also be true, i.e. Licensee XYZ reporting the losses early (-4) and Licensee ABC slow to report the gains. This would show a net weekly loss of (-4) and if in the following week ABC reports the gains, it would show ABC and our weekly reporting a gain of 4. Hope this makes sense.
