Weekly Financial Adviser Movement, Dec 2, 2021

Number of Advisers decreased by (-124) from 18,698 to 18,574

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Key Movements This Week:

• Net Change of advisers (-124)

• 28 Licensee Owners had net gains for 66 advisers

• 35 Licensee Owners had net losses for (-189) advisers

• 30 Individual Licensees had net gains of 70

• 46 Individual Licensees had net losses of (-197)

• 3 Provisional Advisers (PAs) appointed and 1 resigned. This indicates that (-126) experienced advisers dropped off the FAR this week.

Note: On dashboards 1A (licensees) and 1B (licensee Owners), you can ‘hover’ your cursor over each ‘bar’ in the charts and see more details.

Summary
As we move into December, there is nothing much to cheer about in the numbers. The net losses for the year flew past 2,000 to be sitting at (-2,062). The details below highlight the losses at CBA group as it winds down Commonwealth Financial Planning (CFP). 74 advisers left CFP this week and 31 commenced AIA Financial Services, a net loss of (-44) advisers for the week.

The total net loss for the week was compounded by heavy losses at AMP (-38) and IOOF (-28) with very little take up elsewhere.

We did see 6 new licensees commence (5 if we exclude AIA). 3 of the new licensees commenced with advisers from IOOF, none from the AMP Group.

Growth This Week
Dashboard 1B - Licensee Owners. Another low week of growth at the licensee owner level. The exception is at AIA with the switch of advisers from CFP giving them a start at 31 advisers. After that, next best growth was plus 2.

3 new licensees kicked off with 2 advisers each, Diverger had a net growth of 2 thanks to Paragem picking up 4 advisers from The Wealth Network. Capstone also picking up net 2 advisers, putting on 3 advisers and losing 1.

A long tail of 19 licensee owners with growth of net 1 each including Spark Partnership Group, Fitzpatricks, and Count.

Losses This Week
CBA Group down net (-75) followed by AMP Group (-38) and IOOF Group (-28). AMP had losses across the board and none at this stage have ‘switched’ to alternate licensees. IOOF as mentioned earlier, did see some advisers leave and commence work under their own self-licensed arrangements. IOOF losses was compounded by several staff (Non clients facing) coming off the ASIC FAR.

3 licensee owners saw net losses at (-4) including NTAA. 2 licensee owners had losses of (-2) including Shartru, Lionsgate and 22 had net losses of (-1) each.

Year To Date Data
With all the losses this year, it is worth noting that one sector is growing, and that is that of self-licensed in the ‘Financial Planning’ Biz Model Peer group – see Dashboard 3. YTD, 113 licensees in this group have opened and 45 have closed. Whereas the in the Accounting – Limited Advice group, 0 licensees have commenced and 105 have closed.

Oreana remain out in front YTD (Dashboard 2) for Licensee Owners with 50 plus advisers. Oreana have net growth of 37, followed by Centrepoint at 15 and now 5 licensees share 3rd position, Advice Evolution, Bombora Advice, Canaccord, Capstone and Count.

There are 51 license owners with more than 50 Advisers, 13 are in positive territory for combined growth of 95 and 38 are in the red for a combined total of (-1,970).

SMSF Adviser Network is still the largest individual licensee at 638, AMP Financial Planning at 612 and Morgans at 474.

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*The data for the ratings is only as accurate as the data on the ASIC FAR and the FASEA Successful Candidate Listing. we acknowledge that not all advisers have fully disclosed their qualifications and memberships on the ASIC FAR and not all advisers have elected for their FASEA Exam pass to be published.