Weekly Financial Adviser Movement, Oct 6, 2022
Number of Advisers increased by +9 from 15,908 to 15,917
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Key Adviser Movements This Week:
Net Change of advisers +9
35 Licensee Owners had net gains for 44 advisers
31 Licensee Owners had net losses for (-38) advisers
2 new licensees commenced and (-2) ceased
11 Provisional Advisers (PA) commenced and none ceased.
Note: Our Members Lounge - Covers all movement and detailed reports for all licensees and advisers.
Summary
This week’s gain of 9 advisers was a nice surprise after the recent losses of some 450 advisers over the past 2 weeks. As mentioned last week, we do expect to see more losses due to advisers not passing their Financial Exam (FASEA). However, most of the losses are sitting in small licensees who on past experience, can be very slow to report losses.
The continuous growth of ‘Provisional Advisers’ and by default new Advisers, is very welcome and may well balance out additional losses that we could see between now and the end of the year.
Growth This Week
A good number of licensee owners at 35 did manage net growth this week. Sequoia via Interprac gained the most at 5 with 6 appointment and 1 loss. 2 of the advisers came from Nextplan and 2 from a now closed licensee. Castleguard via its licensee Lifespan was up net 3, which included picking up 2 advisers from AMP.
Three licensee owners up plus 2, Fortnum which included 1 PA, Findex and a new licensee with advisers moving away from Crown Wealth. A long tail of 30 licensee owners up net 1 including Chris Brycki of Stockspot fame, and Shartru gaining an adviser from FYG Planners.
Re Provisional and New Advisers See Licensee Deep Dive - Dashboard 8. We have see net growth of Provisional Advisers of 230. When we combine Provisional Advisers (PAs) and new Advisers (PAs by default become new advisers after completing their professional year) the growth year to date is 323. For context, from Jan 1, 2019 to Dec 31, 2021 it was only 237.
Losses This Week
AMP Group down (-3), 2 from AMP Financial Planning and 1 from Charter. Crown Wealth Group also down (-3). Capstone down (-2) and a small licensee also down (-2) and one closed licensee down to zero after losing 2 advisers.
A tail of 26 licensee owners down (-1) each including Australian Unity, Diverger, Fiducian and UniSuper.
‘Self Licensed’ Firms and Their Past Licensees
Following on from last week, we have now analyzed the new ‘self licensed’ firms to highlight where their advisers originated from. Members can follow this information and dig deeper into the analysis using Dashboards 3 and 4 from the Adviser Fast Facts series.
The chart below is from Dashboard 3 for the period Oct 14 2021 to Oct 13, 2022. We have ‘hovered’ over the Financial Planning row which expands the table to see a breakdown by licensee band size. It highlights the number of new and Closed licensees. Adding up the total of new licensees is 121 and all but 3 have a current size of under 20, with 36 being single adviser licensees, 39 dual adviser licensees and so on. These smaller, less than 20 advisers licensees will be our focus. Note: 85 licensees closed.
Current make up of the Financial Planning Peer Group broken down by size of licensees
The next charts are taken from Dashboard 4 ‘Advisers Switched In’ This dashboard allows the user to see where the advisers ‘switched in’ from, i.e., which licensees they left prior to becoming a new self licensed licensee.
The first chart is the big picture - We have clicked on Financial Planning and this shows a total of current 328 advisers, have been appointed into the new self licensed licensees. 314 of the advisers resigned from previous licensees. The numbers do not match exact as some of the advisers may be Provisional Advisers and had no past licensee, and others may have been out of advice beyond the dates specified.
The chart highlights that licensees attached to Licensee Owners who currently have more than 500 advisers, contributed 104 of the 314 advisers. What may surprise some people, is that 54 came from small licensees and 14 from closed licensees. We have seen an element of small licensees merging.
The chart highlights that 328 Advisers appointed and still current at the small licensees and 314 came directly from other licensees, mostly from licensees attached to large licensee owners.
The two charts below breakdown the numbers by Licensee Owner (left) and individual licensees (right). Overall, Insigna have lost most advisers to new self licensed licensees followed by AMP and WT Financial Group. At the licensee level, Millennium 3 and Bombora are showing the greatest movement.
Note: The same dashboard allows users to see movement into actual licensees
Movement of advisers from Licensee Owners
Movement of adviser from Licensees
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