Weekly Financial Adviser Movement To April 1, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a reduction of (-104) Adviser Roles from 20,764 to 20,660
The number of actual Advisers dropped by (-96) from 20,417 to 20,321
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For more information regarding the variance between Adviser Roles and actual Advisers see Dashboard 17. The variance this week was caused by a reduction in the number of Advisers with two or more roles.
For the week, 84 Adviser roles were appointed and 5 were ‘new’ Provisional Advisers. Therefore, 79 appointments can be seen as experienced advisers switching licensees. 188 Adviser roles resigned to give the net total of (-104) Adviser roles.
Gains For The Week
39 licensees made net Adviser role gains of 66 for the week. Sentry Advice lead the way with 11 Adviser roles. However, this was an internal move with Advisers switching licensees within the Sentry Group which ended up with a net (-4) roles for the week.
Matrix gained 6 Advisers all from Bridges. Not be left out, Oreana also gained 3 Advisers from Bridges.
New licensees continue to grow with 7 commencing for a total of 11 Advisers. Total Wealth Planning based in WA being the largest with 3 Advisers, all from HNW Planning
Losses For The Week
56 licensees had net Adviser losses for the week. AMP Financial Planning down (-22), Bridges at (-17) and Link Advice who provide Advisers to super funds were down -13. Wealthsure who are part of Sentry Group down (-11) and thereafter a long tail licensees with losses.
A total of 4 licensees closed, (now with zero advisers) for a total of (-11) roles. Dealership Services Pty Ltd lost (-7) roles. Some of the roles appear to be movement within co-owned firms.
Points To Note - End of March Quarter
See Front Dashboard - The total loss of Adviser roles YTD is now 312. The biggest losses at a licensee level are attributed to AMP FP at (-59) followed by GWM (MLC) at (-42) and Synchron at (-33). At a group level, (Dashboard 2) MLC is down (-88), AMP at (-77) and IOOF at (-76).
Gains YTD are much smaller than the losses at the licensee level. Wealth Trail a new licensee is at 17, Alliance Wealth at 13 and Oreana at 11. At a larger group level (Groups with 50 plus Advisers), Oreana and Count lead the way with 11 followed by Centrepoint with 8.
At a Licensee Offer Level (Dashboard 3), licensees with less than 20 Advisers (often referred to as self-licensed) appear to have done well with a net gain YTD of 59 Advisers. However, all the licensees that closed this year (Licensee Zero) did start the year with less than 20 advisers and their net loss is (-58).
We are seeing more experienced Financial Advisers starting new licensees and most of the licensees closing are linked it accounting firms, whereby financial advice would be a small part of their business.
While we are at the end of the first quarter of 2021, the final numbers will change a little as licensees report over the next couple of weeks. Licensees have 30 days to report movement of advisers and it’s not unusual to see movement backdated, especially over holiday periods.
