Weekly Financial Adviser Movement To Sep 16, 2021

This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a decrease of (-20) Adviser Roles moving from 19,319 to 19,299

The number of actual Advisers decreased by (-27) from 19,030 to 19,003

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:

• 51 Appointments and (-71) Resignations - Net Change of roles (-20). However, 27 actual advisers lost*

• 28 Licensee Owners had net gains for 37 roles

• 35 Licensee Owners had net losses for (-57) roles

• 10 Provisional Advisers (PAs) appointed, 3 resigned and 2 reappointed as advisers. Currently 141 PAs

• Worth noting - After deducting the 10 new Provisional Advisers, the net loss of experienced advisers is 37, a big increase over recent weeks. We are also close to falling under 19,000 actual advisers - currently standing at 19,003

*Variation this week between roles and actual advisers: 7 advisers appointed to one other role within their group of licensees. Therefore, those seven roles do not represent an actual gain of advisers.

Growth This Week
At the licensee owner level (Dashboard 1B), licensees owned by David Offer appear as growth of +3 but only in roles. They commenced a new licensee and appointed the same three current advisers to the new ‘Horizons’ licensee. This may be temporary.

7 licensee owners made gains of 2 roles, including Shartru Wealth Management who captured one adviser each from Thomas Price and Millennium 3 (IOOF). A long tail this week with 20 licensee owners gaining +1 each including Count and Capstone.

The 10 new provisional advisers were all appointed at 8 different licensees and 2 at Count.

Losses This Week
AMP Group lost (-8), including 3 at Ipac which is now only holding 63 advisers, they did have 108 on Jan 1, 2020. IOOF down (-5) with 4 losses at Millennium 3. Easton Group also lost (-5), 3 at Merit and 2 at GPS.

3 licensees effectively closed (down to zero advisers) for the loss of (-3) advisers.

This week we did see a big gap in the number of advisers that ‘switched’ in the week. Of the 71 advisers that ‘resigned’ only 9 switched in the week to new licensees. This leaves 62 advisers without a role. This could be a timing issue with registering resignations and appointments at licensees via ASIC, but it is a much larger gap than what we would normally see. Of the 62 advisers without a current role, 25 are known to have passed the FASEA Exam.

Year To Date Data
Very little change this week with Oreana as the leading growth businesses for groups with 50 or more advisers. (Dashboard 2). They have grown by 29 roles, ahead of a merged Centrepoint / Clearview at 14 and Count. All three groups increased by +1 this week.

As for losses, IOOF (-406), AMP Group (-287) and NTAA at (-181).

Association Memberships - For more detail see Adviser Dashboard 18.
Membership of associations have been questioned of late and some discussion has revolved about their purpose. The associations were given a boost of confidence with some open support in their efforts preventing ASIC levies to be increased. However, the number of advisers that are members of the two big associations indicates that there is much to do to convince more advisers to join.

The FPA remains the largest group by far with 7,716 current adviser roles or 39.98% of all roles listed on the ASIC FAR noted as being a member. The AFA has only 2,292 roles or 11.88%.

At a peer group level, the Super Fund Advisers are loyal to the FPA with 65% membership and some licensees over 90% including UniSuper and Mine Super. FPA also have 49% of all adviser roles linked to the Financial Planning peer group with a large number of licensees with over 50% membership.

Meanwhile, the AFA does have 18% of all Financial Planning peer group roles but falls away very quickly in the other peer groups to 6% or less. The AFA only has 2 licensees with more than 50% membership followed by some notable groups like Synchron, and Affinia with over 40% membership.

It is important to state that not all members of associations are current advisers. We have also relied upon the data in the ASIC FAR to collate the numbers and is only as accurate as what has been provided to ASIC via the licensees. The numbers do indicate that there is a diverse range of financial advisers who feel their needs are best served by one association over another. At Dashboard 18, you can filter by licensees and different associations.

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