Number of Advisers increased by plus 12 from 16,344 to 16,356

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Key Adviser Movements This Week:

• Net Change of advisers Plus 12

• 46 Licensee Owners had net gains for 66 advisers

• 37 Licensee Owners had net losses for (-53) advisers

• 6 new licensees commenced and (-1) ceased

• 25 Provisional Advisers (PA) commenced and (-1) ceased.

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

Summary
A record number of 25 Provisional Advisers were placed onto the FAR this week, no doubt linked to passing the Financial adviser (FASEA) exam. We have more details below in the post. The addition of the Provisional Advisers does hide that some 12 experienced advisers did fall off the FAR.

Growth This Week
A new licensee commenced with 7 advisers, moving away from Millennium 3 (insignia). PSK continue to grow their licensee, up by 6 advisers with the advisers switching from Charter. MBS Advice continue their growth, up by 4.

Insignia and Castleguard (Lifespan) and both up plus 3. Insignia putting on 7 advisers including 4 provisional Advisers and losing 3. Bluewater up by 2 and a tail of advisers 41 licensee owners up by 1 including 5 new licensees (1 recommencing).

Losses This Week
AMP Group down by net (-7), putting on 2 advisers and losing 7, with 5 moving to PSK. United Super down (-3) and 8 licensee owners down (-2) including WT Financial Group, Ord Minnett and Tal Dai-Ichi (Affinia). 27 licensee owners down (-1) including Fitzpatricks, Legal Super, and Sequoia.

The licensee that closed only had the 1 adviser.

Last 12 Month Movement (Dashboard 2B Adviser Fast facts)
AIA which commenced with advisers from CBA remains on top of the list with 48. Count next with 34 and ASVW Holdings at 22. As for losses, NTAA at (-380) followed by Insignia at (-312) and AMP Group (-237).

Provisional And New Financial Advisers
With a jump in Provisional Advisers this week, it was opportune to revisit the number of Provisional and new Financial Advisers. Note: Since 2019, a ‘new’ adviser must start as a Provisional Adviser and once their training and qualifications are complete, they simply switch on the ASIC FAR to a ‘Financial Adviser’ and ‘start year’ as an adviser.

Below we highlight the combined number of Provisional and New Advisers since 2019 and just the current Provisional Advisers. The top chart highlights a current total of 509, up from 243 at the end of 2021. A net change of 266. Or to put it another way, the combined amount for 2022 is already greater than the combined amount for the first 2 years.

Licensees Hiring New Advisers
The table below highlights licensees that have hired 10 or more Provisional and New Advisers that fit into our ‘Financial Planning’ model. AMP Group via AMP Financial Planning with 22 and Charter at 13, followed by Synchron and Count both on 12 and Fortnum on 10. Overall, the Financial Planning model represents a total of 351 of the 508 new and Provisional Advisers.

Outside the above, the only other licensee with 10 or more hires is Morgans with 18 who fit in our Investment Advice model, which represents a total of 102. The superfunds combined have a total of 10.

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