Weekly Financial Adviser Movement, Sep 29, 2022
Number of Advisers decreased by (-149) from 16,352 to 16,203
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Key Adviser Movements This Week:
Net Change of advisers (-149)
19 Licensee Owners had net gains for 23 advisers
81 Licensee Owners had net losses for (-172) advisers
2 new licensees commenced and (-10) ceased
8 Provisional Advisers (PA) commenced and none ceased.
Note: Our Members Lounge - Covers all movement and detailed reports for all licensees and advisers.
Summary
A busy week as many advisers fall off the FAR due to not passing the Financial (FASEA) exam. We also see AMP Group drop below 1,000 advisers. Loss of experienced advisers more than 150.
Growth This Week
A very small number of licensee owners showing growth at just 19 with a total net growth of only 23 advisers. 4 licensee owners up net 2 including Walker Lane who brought 2 advisers from Synchron, Capstone with advisers from RI Advice and GPS, Birds Holdings (RSM) both being Provisional Advisers and Chris Brycki (Stockspot) who commence with 2 advisers from Sanlam Private Wealth.
15 licensee owners up net 1 including Centrepoint, Viridian, Oracle and 1 new licensee.
Only 12 switches in this week and two of these were advisers switching between Centrepoint owned licensees.
Losses This Week
Losses were very high and we believe the vast majority are due to the non passing of the Financial Adviser (FASEA) Exam. We suspect that we will see more losses in the coming weeks for the same reason. Note: Licensees have 30 days to report adviser movement and advisers who needed to pass the exam had to do so by Sep 30.
WT Financial Group down a net (-23), losing 26 and appointing 3 with Synchron alone down net (-24). Diverger at (-14), with Merit down (-9), GPS down (-6) and Paragem appointing 1 adviser. Ord Minnett down (-13), no advisers switching.
Bluewater and Castleguard (Lifespan) both down (-7), in both businesses, none of the advisers switching elsewhere.
AMP Group down (-6) and this saw AMP Group drop below 1,000 advisers and are now at 998. At the start of 2019 they had more than 2,600 advisers. Morgans also down (-6) losing 7 and one Provisional Adviser joining.
8 licensee owners down (-3) including Insignia Group, Politis, and Sanlam Private Wealth. 6 Licensee owners down (-2) including Guideway, Financial Link and Grimsey Wealth.
A very long tail of 60 licensee owners down (-1) each. Of the 10 licensees that closed, 9 only had the 1 adviser and 1 had 2 advisers.
Net Change of Advisers by Licensee Owners (Adviser Fast Facts - Dashboard 2B)
The table below has been filtered by the current largest licensee owners by number of advisers. It highlights the net change of advisers over the last 1, 3 and 6 months, 1 year Vs previous year and 2 year total.
Looking for gains over 1 year, Count stands out at plus 34 followed by Centrepoint at 14 and Capstone at 6. As for losses, National Tax and Accounting Association has suffered the greatest loss at (-372) followed by Insignia at (-307) and AMP Group at (-234).
Data to Sep 29, 2022. Table filtered by largest groups - Users can filter the table along any column.
How The Licensee Market Has Changed Since 2019 (Licensee Deep Dive - Dashboard 6C)
The table below has been filtered by licensees that fit in our Financial Planning model. They are licensees that provide mostly holistic advice and make up the largest market share of the adviser market.
The charts highlight that licensees with 100 or more advisers once had a total of 10,853 advisers (3,337 + 7,516) which represented 63.1% of the adviser market. As of today, those numbers have shrunk to 4,858 advisers or 50% of the adviser market. Meanwhile, the small self licensed sector of licenses with between 1 and 4 advisers has grown from being 7.6% of the market to 16.2%.
Change of the adviser market for the Financial Planning peer group since Jan 1, 2019 to Sep 29, 2022
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