Financial Adviser Movement, December 3, 2020

It has been a busy week of movement across many licensees. The net loss of adviser roles was 33 for the week, from 21,289 to 21,256. Actual advisers dropped by 29 from 20,938 to 20,909. An explanation between the difference of adviser roles and actual advisers is provided on dashboard 12.

Gains this Week
This week saw another 6 licensees commence with at least 1 new adviser. Midsec Licensing with 11 being the largest and all came from Lonsdale. Next was Hive Group, trading as ‘Beaulife’ which was previously a practice at Madison. Worth noting Lambert Group, which started earlier in November and has quickly grown to 7 Advisers as 5 more advisers transfer across from Clearview. Wealth Trail who appeared last week as a new licensee have gained a further 3 advisers from Financial Services Partners taking their total to 10 advisers. Lifespan continue their growth with 4 more advisers, all from the AMP Group, 3 from Hillross and 1 from AMP Financial Planning.

Losses this Week
Lonsdale with the 11 losses noted earlier to Midesec had 3 more adviser losses bringing the total to 14 for the week. Year to date Lonsdale have recorded a net loss of 47 Advisers or 24% of the team it started the year with. AMP Group suffered more losses with 9 at Hillross and 8 at AMP Financial Planning. Madison also suffered a net loss of 8 advisers with Clearview and Professional Investment Services both losing 6 advisers.

Two licensees went down to zero advisers for this week accounting for 4 adviser roles.

Note, the vast majority of gains and losses are advisers switching from one licensee to another. We did see two more ‘new’ Provisional Advisers, bringing the total to 47 for the year.

Year to Date
Lifespan continue to grow their lead with a net growth of 64 adviser roles followed by Interprac at 45 and Sentry Advice at 32. Note GWM (MLC) is technically in top position, however they gained 156 advisers from NAB group on September 1.

AMP Financial Planning with 288 adviser role losses easily have the most losses followed by NAB and Financial Wisdom that closed.

While Lifespan are ahead year to date in growth of adviser roles, many are also watching to see if AMP Financial Planning (AMP FP) will hold onto the position of being the largest licensee by the end of the year. SMSF Adviser Network now stand at 842 Advisers roles, just 24 Adviser roles behind AMP FP. At the start of the year, AMP FP with 1,156 roles had 230 roles more than SMSF Adviser Network who started the year with 926. See dashboard 5 for details.

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