Weekly Financial Adviser Movement To August 5, 2021

This week’s analysis of the ASIC Financial Adviser Register (FAR), shows an decrease of (-3) Adviser Roles moving from 19,352 to 18,349

The number of actual Advisers decreased by (-9) from 19,079 to 19,070

Click Here To Access The Detailed Adviser Dashboards

(See Dashboard 17 for more information to the variation between Adviser Roles and Actual Advisers)

Key Movements This Week:

• 52 Appointments, (-55) Resignations - Net Change in roles of (-3). *See note below for variance between roles and actual adviser losses.

• 36 Licensee Owners had net gains for 50 roles

• 37 Licensee Owners had net losses for (-53) roles

• 9 Provisional Advisers appointed. This in effect means that 18 experienced advisers dropped off the ASIC FAR. The (-9) loss would have been (-18) if not for the new Provisional Advisers.

*This week 5 advisers were appointed to new licensees without closing off from their former licensee and 1 adviser was appointed for a second time at the same licensee. Some of these may be errors and /or timing issues of licensees reporting of adviser movements.

Growth This Week
Heading the growth this week at licensee owner level (Dashboard 1B) was Centrepoint Group with 4, two advisers coming from QInvest. Sequoia via their licensee InterPrac with 3, as Avant-Garde Financial Group. came across with 2 advisers and 1 from AMP Financial Planning

9 licensee owners had net growth of 2 roles including IOOF, Australian Unity and Castleguard (Lifespan). Another 25 licensee owners had net growth of 1.

2 new licensees commenced for 2 roles and 1 licensee was ‘re-booted’ after being at zero and now gaining 2 advisers.

Losses This Week
Novus Capital led the losses with (-5) advisers, all dated as losses in June. Longhou Investments are down to 1 adviser after losing (-3). 10 licensee owners lost net (-2) roles including AMP Group, Clime, Affinia and Evans Dixon. 25 licensee owners lost net (-1) each.

Only the one licensee closed - AF Roscia Investments for (-2) roles.

Year To Date Data
Year to date we see Centrepoint leapfrog Oreana as the highest growth licensee owner (for groups with more than 50 advisers). Centrepoint with the growth of 4 advisers this week, jump to a net growth of 20 adviser roles, 1 ahead of Oreana at 19 and Count in 3rd position with 12.

IOOF have had some growth over recent weeks and up plus 2 for the financial year now stand at 1,440 advisers, this is 101 adviser roles ahead of AMP Group at 1,339 who continue to see losses, down (-21) for this financial year.

FASEA Media Release August 3, 2021 - Some Context Required
FASEA finally fessed up that not all advisers who pass the exam are are current on the ASIC FAR. In a previous release (July 6, 2021) they stated that 74% of advisers on the FAR had passed the exam. As stated on our website many times, a large number (over 1,300) advisers have passed the exam but are not current on the FAR. FASEA stated this week that some 70% of ‘active’ advisers had passed the exam. This equates to around 13,544 advisers which is what we stated last week or 71% of our FAR database which excludes Timeshare Advisers and most FX advisers.

Some context is required in that the number of adviser roles on the FAR have been reducing dramatically since the introduction of FASEA. For example, the 13,544 passes would equate to 65% of advisers at the start of this year, 57% of advisers as of Jan 1, 2020 and 48% as of Jan 1, 2019. Therefore, the pass rate of 70% is not really telling the full story.

While many advisers have simply walked away from advice since the introduction of FASEA, not all due to FASEA. The banks contributed to heavy losses as they retreated form advice in 2019. However, FASEA has played a major role in the losses and making it harder to recruit much needed new advisers.

Have a great week - any questions, please call or email using the contact details