Weekly Financial Adviser Movement, Nov 18, 2021

Number of Advisers decreased by (-25) from 18,760 to 18,735

Click Here To Access The Detailed Adviser Dashboards

New Dashboards
We will no longer be providing detailed information of small licensees every week for free on the dashboards. We have all the details and happy to share.

Key Movements This Week:

• Net Change of advisers (-25)

• 22 Licensee Owners had net gains for 46 advisers

• 30 Licensee Owners had net losses for (-74) advisers

• 24 Individual Licensees had net gains of 50

• 40 Individual Licensees had net losses of (-77)

• 10 Provisional Advisers (PAs) appointed. This indicates that (-35) experienced advisers dropped off the FAR this week.

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

Growth This Week
Dashboard 1B - Licensee Owners. Centrepoint Group picked a net growth of 11 advisers mostly off the back Mortgage Choice owned Finchoice, with 10 advisers moving across to Centrepoint’s licensee Alliance Wealth.  Morgans Group had a good week picking up 6 advisers, 3 being Provisional Advisers.

Castleguard back into growth mode with a net 4 via Lifespan who picked up 3 advisers from Millennium 3 and 1 from Synchron. One new licensee commenced with three advisers, all ex AMP FP, followed by 4 licensee owners picking up a net 2 including another new licensee with advisers from Consultum. 14 licensee owners had net growth of 1 each.

This week the large licensees dominated growth with 7 licensee owners with more than 50 advisers picking up net growth of 26.

4 new licensees commenced for a total of 7 advisers.

Losses This Week
IOOF have gone back-to-back weeks of losing (-13) advisers in a week. Mortgage Choice, through the losses at Finchoice are down (-10) advisers and now only have 25 advisers. AMP Group another red week with a loss of (-8) and CBA down (-4).

The big groups also had the biggest losses with 13 licensee owners of more than 50 advisers losing a net (42).

4 licensees closed for the loss of (-9) advisers.

Year To Date Data
Centrepoint after their big week moved into second position for growth of lLicensee owners of 50 or more advisers with a net growth of 13. Oreana still out in front with 37 and Canaccord now in third with 7.

 Introducing Star Ratings
From this week we will be trialling ‘Star Ratings’ for our clients who purchase the AFSL Listing and / or listings of licensees by practice and advisers. We now issue a star rating out of 5 to advisers and also average this out across each licensee.

*The rating is based on a star given for each of the following:

·      2 stars for advisers with 10 year’s service (commenced before 2011)

·      1 star for advisers with between 5 and 10 year’s service

·      1 star if the adviser is known to have passed the FASEA Exam

·      1 star if the adviser has at least 1 FASEA approved qualification

·      1 star for being a member of either the FPA, AFA, AIOFP or SMSF Association.

·      Maximum stars will be 5. to any adviser.

·     For licensees we divide the total number of stars in the licensee by the number of advisers (excluding provisional Advisers) to get an average rating for the licensee.

The chart below shows the average ratings across different ‘band sized’ licensees. This is only for the Financial Planning and Accounting - Financial Planning peer groups. As you can see, the ‘one adviser’ licensee had the highest average of 3.43 followed by the large 100 plus licensees at 3.13 and 2 adviser model at 3.05.

In total we have 1,422 advisers across all peer groups with 5 stars against their name.

Average Scores of Advisers Across 2 peer Groups - Financial Planning and Accounting Financial Planning

The scores are broken down by the peer groups and the ‘band size’ of each licensee in those peer groups. For example, the average score of advisers sitting in licensees with more than 100 advisers is 3.13

The purpose of the star rating is to make it easier for those wanting to seek a certain level of adviser / licensee.

For details of the star rating by advisers and by licensees, please call or email.

Have a great week - any questions, please call or email using the contact details

*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.