Weekly Financial Adviser Movement October 14, 2021

Number of Advisers decreased by (-15) from 18,887 to 18,872

Click Here To Access The Detailed Adviser Dashboards

New Dashboards
We will no longer be providing detailed information of small licensees for free on the dashboards. We have all the details and happy to share privately.

Note: ‘Select A View’ top left of Dashboards 1A and 1B to see ‘Most Growth’ and ‘Least Growth’

Key Movements This Week:

• Net Change of advisers (-15)

• 27 Licensee Owners had net gains for 32 advisers

• 26 Licensee Owners had net losses for (-43) advisers

• 30 Individual Licensees had net gains of 47 - Includes 12 at Evans and Partners see notes in commentary

• 34 Individual Licensees had net losses of (-46)

• 4 Provisional Advisers (PAs) appointed.

Note: On dashboards 1A and 1B, you can ‘hover’ your cursor over each ‘bar’ in the charts and see more details.

Growth This Week
Dashboard 1B - Licensee Owners. Sequoia through Interprac gained 3 advisers, 2 from IOOF and 1 from AMP Financial Planning. Oreana continued to grow at the expense of Ord Minnett (EL & C Baillieu) with another 2 advisers finalising their move to Oreana. Castleguard (Lifespan) also gained two as did Dirk Werner licensee MPFS Private, both are new Provisional Advisers. Shartru, Unisuper and QSuper were among a long tail that all picked up 1 new adviser each.

There was one new licensee for 1 adviser.

As mentioned in the stats above, Evans and Partners grew by 12 at a licensee level. All are existing advisers also working under the Dixon Advisory licensee and both are owned by Evans Dixon. They have not been shown as growth in dashboard 1B which is based on Licensee Owners, in-fact they are down (-1) as a group for the week.

Losses This Week
IOOF as a group had a net loss of (-5) advisers. AMP Group and Synchron both down by (-4). Auscoal (Mine Super) and Marsh and Mercer both down (-3) and CBA down (-2). A long list of licensee owners losing a net (-1) each, including Ord Minnett, Perks Private Wealth and Mancell Family Trust who own FYG Planners.

One licensee closed.

Year To Date Data
Dashboard 2 - Viewing net change by Licensee Owners with 50 or more Advisers, Oreana extended their lead in terms of growth, now at 37 for the calendar year, a big gap to second spot held by Centrepoint Group at 10. Capstone is third on the list at 7.

By moving the date back to Jan 1, 2020, Castleguard Trust (Lifespan) are at the top with +54 and Oreana second with 48 and Fortnum with 38.

FASEA Exam - Known details and Estimates
The table below highlights ‘Known’ passes post results for the July exam. Anyone reading the data from FASEA will have learn’t that the details can be a bit sketchy. We have been able to include 11,901 pass results in our data that we gained from the FASEA Exam ‘Successful Candidates List’ which is public. Not all advisers who passed the exam are on the list.

FASEA have had some 300 ‘successful’ candidates who don’t have an adviser number and therefore hard to track. For our forecasts, we have assumed that all Provisional Advisers (PAs) on the ASIC FAR have passed the exam. As we understand the recommendations from FASEA, to be listed as a PA, the FASEA Exam should have been passed.

In summary, we have estimated that some 14,302 advisers have passed the exam and are ‘Current’ advisers. To get to our Forecast FASEA Passes of 15,552, we have estimated that 1,700 advisers attempted the exam in September (based on FASEA Media Release Aug 31) and a further 800 will sit in November. A total of 2,500 and assumed a pass rate of 50%. This is quite low for a pass rate and is based on the fact that the majority will be re-sitting the exam and in July, the pass rate for advisers re-sitting the exam was only 39%.

The estimate of 15,552 has been reasonably consistent all year with estimates of between 15,000 to 16,000. The % forecast of passes at 82.35% can be misleading as it is based on current advisers. When FASEA was introduced, there was a mad rush to become an adviser before year end 2018. At that time there was 27,930 advisers. Therefore, the forecast pas rate only represents 55.68% of advisers who started the FASEA journey.

Note: The forecast has not taken into account advisers who may try next year. Advisers who have failed at least twice in 2021 will be able to have more opportunities in 2022 to pass the exam.

For estimates of FASEA Forecast Rates by licensee, please contact us directly.

If you want information including contact details for all licensees, including those that have recently commenced and closed, please call or email using the details below.

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