Weekly Financial Adviser Movement, Dec 9, 2021
Number of Advisers decreased by (-2) from 18,574 to 18,572
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Key Movements This Week:
Net Change of advisers (-2)
23 Licensee Owners had net gains for 65 advisers
37 Licensee Owners had net losses for (-68) advisers
30 Individual Licensees had net gains of 73
44 Individual Licensees had net losses of (-74)
4 Provisional Advisers (PAs). This indicates that (-6) 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
Many of the adviser losses over the past couple of weeks have now landed at their new licensees. Most of the remaining Commonwealth Financial Planning (CFP) advisers who ceased on the ASIC FAR last week, formally made their move to AIA Financial Services. A net change on the week of 31 bringing the total number of advisers at AIA to 62.
Perpetual had a net gain of 8 after appointing advisers to its licensee from RI Advice, who had their losses recorded the previous week. The deal of Perpetual buying RI Advice practice Jacaranda had been announced a few months back.
PSK Financial Services Group emerged as a licensee owner (See Dashboard 1B), after buying AMP’s Salaried Advice business IPAC. This was announced by an AMP update to the ASX in late November. PSK is a large firm of advisers who currently work under AMP’s Charter licence. It will be interesting to follow what other moves that may follow as AMP continues to rationalise its advice business. 9 advisers have dropped off the IPAC licence with the change in ownership.
Growth This Week
Dashboard 1B - Licensee Owners. AIA up by 31 and Perpetual up by 8. A small licensee Optimus appointed 3 advisers from Conexus, who have now effectively closed, down to zero advisers.
3 licensee owners, IOOF, Count and Shaw and Partners all up by 2 each. Shaw and Partners getting their advisers from Wilsons. 12 licenses owners gained a net 1 each including one new licensee, Fortnum and Centrepoint.
Losses This Week
AMP Group down by (-10), not including the losses at IPAC which we now have sitting under PSK. IPAC was down (-9) and none to date have been appointed elsewhere.
3 licensee owners down (-3) including Diverger and CBA. 8 down by (-2) including Synchron and Berkholts who are now effectively closed as down to zero advisers.. A total of 24 licensee owners down by (-1)
2 licensees closed and 1 commenced.
Year To Date Data
See dashboard 2 - As a result of AIA taking on many of the CFP advisers, they are by default the largest growth licensee owner for groups with 50 or more current advisers. They have growth of 62 advisers YTD.
Oreana showing net growth of 37, Centrepoint at 16 and Count at 8.
AMP Group is now quite a bit smaller than IOOF after IPAC being removed. AMP Group now has a total of 1,144 advisers compared to IOOF Group at 1,298. AMP financial Planning is still the largest single licensee at 606 advisers and may fall below 600 very soon. At the start of the year, they had 806 and on Jan 1, 2020, they had 1,156. Basically, shrinking in half over a 2-year time frame.
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Have a great week
