Weekly Financial Adviser movement To April 22, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a decrease of (-63) Adviser Roles moving from 20,680 to 20,617
The number of actual Advisers dropped by (-64) from 20,305 to 20,241
Click Here To Access The Adviser Dashboards
(See Dashboard 17 for more information to the variation between Adviser Roles and Actual Advisers)
For the week 46 Adviser roles were appointed of which including 4 ‘new’ Provisional Advisers. 109 Roles ‘resigned’ to give the net total of (-63).
Gains For The Week
27 licensees made net Adviser role gains of 36 roles. Leading the way was RI Advice but this is due to ‘switching’ within the IOOF Group. 5 Licensees made gains of 2 Advisers each including 2 new licensees, Meliora Management (trading as Make Financial Decisions) moving away from GWM and Hejaz Financial Advisers starting with two Advisers who specialise at providing Islamic Super and Investments. AAN Wealth, Sentry and Fortnum all chipped in with 2 Adviser roles each.
5 new licensees commenced this week for 7 Advisers.
To negate the effect of switching Advisers across co-owned licensees. Dashboard 1B has been added which highlights movement by ‘Licensee Owners’ . This shows that 25 Licensee Owners made net gains for 29 Adviser Roles. RI Advice and Sentry dropped off as their ‘owners’ did not make net gains.
Losses For The Week
61 licensees had net Adviser losses for a total of (-98) Adviser roles. Bell Potter and SMSF Advisers Network both losing (-7) Advisers. FSP down (-6) and both GWM (MLC) and Interprac down (-5). 9 licensees lost (-2) Adviser roles each and a long tail of 46 licensees losing net (-1) Adviser roles.
8 Licensees effectively closed up - moving to zero Advisers for the loss of (-9) Advisers. Again this week, most were licensees associated with accountants.
At the Licensee Owner level (Dashboard 1B), 48 licensee Owners had net losses for a total of 91 Adviser roles. MLC Group had the greatest loss at (-8) followed by Bell Potter and NTAA (SMSF Advisers Network) both (-7). Easton Group and IOOF both down (-6).
Looking at YTD gains for the larger Licensee Owners (50 or more Advisers) see dashboard 2. Count Group with 17 lead the way (excluding Euroz who dual licensed 40 Advisers) followed by Oreana with 10 and Centrepoint with 8. As for losses MLC lead the way with (-97) followed by AMP Group (-93) and IOOF at (-88)
Licensee (Dealer Group) Rating System
Checkout Dashboard 20A - Recently added dashboard that helps users to identify licensees that rank highest for a range of attributes including: Degree qualifications, membership of different associations and gender diversity.
The dashboard scoring system is interactive and will help both Advisers and licensees staff to better understand key strengths and weaknesses among peers.