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.

Summary
This week’s gain of 9 advisers was a nice surprise after the losses of some 450 advisers over the past two 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 and on past experience, they 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 new year.

Growth This Week
A good number of licensee owners (35) did manage net growth this week. Sequoia via Interprac gained the most at 5 with six appointment and one loss. Two of the advisers came from Nextplan and two from a now closed licensee. Castleguard via its licensee Lifespan was up net 3, which included picking up two advisers from AMP.

Three licensee owners were up plus 2, these being Fortnum which included one 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 - Users can see this dashboard and it does show some solid growth with the number of new and Provisional Advisers now at a total of 560. It has increased from 237 since the end of 2021.

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) 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 Advisers’ Licensees
Following on from last week, we have now analysed 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 table 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 three have a current size of under 20, with 36 being single adviser licensees, 39 dual adviser licensees and so on. These advisers’ licensees with less than 20 will be our focus. Note: 85 licensees closed.

The following 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, showing a current total of 328 advisers that 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 how licensees attached to Licensee Owners currently with over 500 advisers contributed 104 of the 314 advisers. What may surprise some is that 54 came from small licensees and 14 from closed licensees. We have seen an element of small licensees merging.

The next two charts highlight movement away from licensee owners (left) and then licensees (right). they show that Insignia contributed 56 advisers followed by AMP at 39. At the licensee level, Bombora and Millennium 3 are both at 18 each.

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