Financial Adviser Weekly Movement October 22

The latest data from the ASIC Financial Adviser Register (FAR) show a net loss of 9 advisers for the week. For the year this brings the total net loss of adviser roles to 2,433. There is some good news in the numbers, the nest loss for the second half of this calendar year is currently 267, a significant slowdown of adviser losses compared to the first half.

If you look at Dashboard 2 - ‘Compare Time Period for Net Change of Advisers’ (via the link below), you will see that 2020 is following a similar path to 2019. Large losses in the first half of the year, tapering off from July onwards.

Dobbyn and Carafa, primarily an accounting and business advisory firm appears with a net growth of 6 Advisers. I’m looking into this as the advisers did not appear on the ASIC FAR previously. Their AFSL was updated in October and that would likely have created the need to be on the ASIC FAR. Will confirm.

Lifespan picked up 4 net adviser roles. This sees Lifespan extend its lead over Interprac as the fastest growing licensee for the year with a net grwoth of 60 adviser roles. Lifespan’s controlling entity ‘Castleguard Trust’ is also the fastest growing ‘controlling group’, overtaking Sequoia Group. See Dashboard 3.

Oreana appear again this week with a further growth of 3 adviser roles and are now 7 for the second half of this year.

As for losses, AMP Financial Planning again appear with the most amount of losses with 5, alongside EP (Elston) Financial Services also losing 5 adviser roles.

Of note, it is interesting to see two more licensees effectively close (i.e. down to zero adviser roles). These being OMW Pty Ltd and RG AFSL, both previously having 3 adviser roles. There are more licenses closing than opening for 2020, despite a surge in recent months of new licensees commencing.

As for ‘brand new’ advisers, these days classed as Provisional Adviser under the FASEA code, their numbers have grown to 42. Of the 42, 30 commenced in the second half of this year. More information on Dashboard 11.

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Below is the link to the Dashboards.