Weekly Analysis of Financial Adviser Movement to May 6, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a decrease of (-48) Adviser Roles moving from a total of 20,574 to 20,526
The number of actual Advisers also dropped by (-48) from 22,201 to 20,153
Click Here To Access The Detailed Adviser Dashboards
(See Dashboard 17 for more information to the variation between Adviser Roles and Actual Advisers)
For the week 90 Adviser roles were appointed, only 4 being ‘new’ Provisional Advisers and 9 new ‘overseas based’ Advisers. 138 Roles ‘resigned’ to give the net total of (-48).
Gains For The Week
36 licensees made net Adviser role gains of 64. Leading the way was Hoxton Capital Management, a UK based firm with 9 taking its Australian holding to 11. All 9 Advisers appear based overseas, 8 in UAE and 1 in UK. None had prior entries on the ASIC FAR.
Fortnum Advice came in with a net change of 6, all from Bridges and Oreana gaining 5 roles (4 actual Advisers), again, all from Bridges. RI Advice also with 5, but this is a case of ongoing movement within IOOF.
WFS Capital - Woodley Financial Services commenced as anew licensee with 4 Advisers led by Errol Woodley. NFP was the remaining new licensee starting with 1 new Adviser via Sentry Advice.
Dashboard 1B has been added which highlights movement by ‘Licensee Owners’ . This shows that 32 Licensee Owners made net gains for a total 55 Adviser roles.
Losses For The Week
62 licensees had net Adviser losses for a total of (-112) Adviser roles. Financial Services Partners (-10), Bridges (-8) and Perks & Associates) (-6). There was again a log tail of losses with 14 licensees down by (-2) and 39 licensees down by (-1) role.
At the licensee owner level, IOOF were down (-16) Perks (-6) and AMP with Easton down by (-5).
A total of 10 licensees effectively ceased for a total of (-17) Adviser roles. Another record after the 8 that closed last week. ‘Medical Indemnity Protection Society Ltd’ saw all 5 Advisers cease. Accounting based firms were related to 8 licensees that closed. Expect to see a lot more of these closures as we run up to June 30, and then another run towards the end of the calendar year. On the upside - The closures related to accounting firms could be great opportunities for financial advisers who are looking to take on more clients.
A quick look at the Licensee Owners table on Dashboard 2, (excluding Euroz due to dual licensing) shows Count Group with a net gain of 18, followed by Oreana with 14 and Fortnum with 13 as the leading groups for growth.. This is for licensee owners with 50 or more Advisers. At the opposite end of this table 100F is at (-121), MLC Group at (-107) and AMP at (-100). AMP Group losses have slowed over recent months.
Licensee (Dealer Group) Rating System
Checkout Dashboard 20A - Recently added dashboard that helps users to identify licensees that rank highest for a range of attributes including: Degree qualifications, membership of different associations and gender diversity.
The dashboard scoring system is interactive and will help both Advisers and licensees staff to better understand key strengths and weaknesses among peers.