Number of Advisers decreased by (-7) from 16,359 to 16,352

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Key Adviser Movements This Week:

• Net Change of advisers (-7)

• 33 Licensee Owners had net gains for 46 advisers

• 39 Licensee Owners had net losses for (-52) advisers

• 2 new licensees commenced and (-4) ceased

• 13 Provisional Advisers (PA) commenced and none ceased.

Note: Our Members Lounge - Covers all movement and very detailed reports for all licensees and advisers.

Summary
For a third week in a row we saw solid growth in the number of new Provisional Advisers. This week plus 13 bringing the total to 52 over three weeks. The net loss of (-7) indicates that a net 20 experienced advisers came off the ASIC FAR this week.

Growth This Week
NTAA (SMSF Advisers Network) up by 6 with all advisers re-joining after exiting in Dec 2021. We assume that all have recently passed their Financial Adviser Exam allowing them to get back onto the FAR. Highfield Group (Insight Partners) up by 3 with two of the advisers switching across from Charter in WA. Six licensee owners had net growth of 2 including a new licensees commenced with 2 advisers, Shaw and Partners, Industry Super, Centrepoint, Castleguard Trust and Insignia who appointed 4 and lost 2.

25 licensee owners had net growth of 1 including 1 new licensee, Morgans, Sequoia, Diverger and ASVW Holdings.

We did see 14 switches occur in the week, 12 were ‘single’ switches, i.e., one adviser moving from one licensee to another and the two mentioned previously moving from Charter to Insight.

Losses This Week
AMP Group led the losses, down (-6) and are now close to dropping below 1,000 advisers, now sitting at 1,004. At the start of 2019, the AMP Group had over 2,600 advisers. Charu Goswami (Laverne Capital) down (-4) and none have been appointed elsewhere. At the start of 2019, Laverne Capital had 77 advisers. WT Financial Group also down (-4), gaining 1 adviser and losing 5. Of the 5 that have left, only one has been appointed elsewhere.

AAN Wealth and Fiducian both down (-2) each, and a tail of 34 licensee owners down (-1) each. All 4 licensees that closed all had 1 adviser each.

Calendar YTD Growth By Percentages - (Adviser Fast Facts Dashboard 3)
We normally highlight growth and losses in raw numbers, this week we have opted to show in percentages. We have highlighted licensee owners that currently have 50 or more advisers. The image blow highlights PSK out in front with 31.37% growth, followed by Count at 14.92%, Janus Financial at 11.69% and Spark at 11.29%. Only 6 licensee owners had growth of more than 10%.

As for losses for the same cohort, Bombora are down by (-18.18%) closely followed by FSSSP (Aware Super) at 18.13% and the Financial Link Group at (-16.00%). Three large groups make up the next three positions.

Contestable Market - IDPS /WRAPS. (Licensee Deep Dive, Dashboard 9A)
Not all advisers are equal in terms of what products / services they are allowed to offer their clients. The table below, highlights the ‘contestable’ market for advisers who are authorised to offer managed investment products including IDPS (WRAPS).

The total market is 14,372 advisers across the different business models. Where this gets very tricky for businesses who need to stay in touch with licensees and advisers, is the number of advisers who are now in smaller ‘self-licensed’ firms. The table highlights that there are 4,654 advisers operating out of 1,426 small licensees at an average of 3.26 advisers per licensee. It is tricky as there have been over 500 new licensees established since 2019, almost all small self-licensed and the majority in the financial planning sector. Since the start of this year, over 100 new licensees have commenced.

The challenge for service providers, in this case platform groups and fund managers, is finding and accessing the right licensees and advisers. We have developed tools including an AFSL search function that allows users to quickly sort through the licensees and target those that can offer investments via a wrap. We can help users to search advisers who can offer insurance, securities and margin lending. We allow the breakdown to be sorted by size and location.

Contestable Market Investments via IDPS (WRAP). Table sorted by business model type and size of Licensee Owners

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