This week’s analysis of the ASIC Financial Adviser Register (FAR), shows an decrease of (-16) Adviser Roles moving from 19,368 to 19,352

The number of actual Advisers decreased by (-18) from 19,097 to 19,079

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:

• 34 Appointments, (-50) Resignations - Net Change in roles of (-16). Note: 2 Advisers appointed at 2 licensees each to cause the variance between role losses of (-16) and actual adviser losses of (-18)

• 29 Licensee Owners had net gains for 35 roles

• 35 Licensee Owners had net losses for (-51) roles.

Growth This Week
Heading the growth this week at licensee owner level (Dashboard 1B) was Mont Partners with 4 after a firm attached to Mons Partners, Wealth Management Partners (WMP) purchased the assets of ‘Police & Nurses Financial Planning’ with 4 of the 5 adviser roles moving across in the deal.

Three groups had an increase of 2 advisers each including Don Nicol - Ecliptic, trading as Wynyard Park Private commencing his own AFSL. Clearview also gained 2 along with Navigate. A further 25 licensee owners gained 1 adviser role each.

Only the one new licensee, Don Nicol, commencing this week.

Losses This Week
Two groups were down (-5), Laverne Group and Police & Nurses Financial Planning which as mentioned, sold their business to WPP. FourThree trading as Belmont Financial Securities lost 3 of its 4 advisers.

Another six groups lost a net (-2) adviser roles each including AMP, ANZ and Easton. 26 groups lost a net (-1) each.

Four licensees effectively closed, down to zero advisers for the loss of (-9) roles.

Year To Date Data
Year to date movement is again little changed this week with Oreana dropping (-1) role to have growth of +19. Centrepoint still at 16 and Count also as they were with 16.

Losses year to date still dominated by the larger groups with IOOF down (377) roles, followed by AMP Group at (-251) and NTAA down (-161).

The Financial Year to Date is looking positive with +96 roles which is good to see. We are still seeing a small amount of resignations posted into June which elevates the positive for July.

Please note: For all movements greater than one week, we use the actual date of the advisers being appointed and ceased as registered on the FAR. For week to week totals, we take a ‘snap shot’ of the total numbers and compare the past week to the current. This method is used ensure that week to week numbers capture data that is often backdated. Licensees are allowed 30 days to submit data for adviser movement.

FASEA May Exam Results
The table below highlights the number of actual advisers and known FASEA Exam passes up to the May exam and Grossed Up results in total and as a percentage of the number of advisers by peer groups.

We have now collected a total of 11,005 known results, defined as passes published to the public. FASEA state more than 14,850 have passed. To counter the variance we have grossed up the known results to get better picture of the totals to date.

The first number you may note is that the number of passes after being grossed up is only 13,538, well short of the FASEA amount of 14,850. The variance is down to a known 972 advisers who have passed the exam but not listed as ‘Current’ on the ASIC FAR. If we gross this amount up it becomes 1,311 and when added back in, it gets much closer to the 14,850 as stated by FASEA. FASEA claim that 74% of advisers have now passed the exam, we believe it is 71% of current practicing advisers that have passed the exam.

The table also highlights that the Financial Planning peer group is doing well at 78%, just shy of the 80% of advisers based at Super Funds. The Accounting - Limited Advice peer group is struggling at only 22%.

For anyone wanting the FASEA Exam pass rates right down to individual licensees, please call - we have that info.

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