Weekly Financial Adviser Movement To April 8, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a reduction of (-3) Adviser Roles from 20,660 to 20,657
The number of actual Advisers remained steady at 20,321
Click Here To Access The Adviser Dashboards
For more information regarding the variance between Adviser Roles and actual Advisers see Dashboard 17.
For the week, 73 Adviser roles were appointed and 4 were ‘new’ Provisional Advisers. Therefore, 69 appointments can be seen as experienced advisers switching licensees. 76 Adviser roles resigned to give the net total of (-3) Adviser roles.
What we saw in this week’s reporting follows a familiar story as one natural quarter closes and another starts. Last week we saw 104 Adviser roles lost. Many of those Advisers commenced in new role this quarter. Dashboard 7 - Running Total Net Change shows 66 new appointments and 33 resignations in the month of April to date, a net gain of 33 roles.
Gains For The Week
33 licensees made net Adviser role gains of 67 for the week. Largest gain was for ‘Quadrant First Pty Ltd’ with 12 Advisers. This business now comes under the merged super funds of MTAA and Tasplan to be known as ‘Spirit Super’. All 12 Advisers were previously licensed under Link Advice with the Adviser losses shown in last week’s report.
Interwest Financial, a new licensee in WA started with 4 Advisers, all ex AMP Financial Planning. Infocus added 4 Advisers including two long standing GWM (MLC) Advisers in WA. Synchron also gained 4 roles with 3 being new Provisional Advisers. Well done Synchron for bringing on new Advisers.
New licensees continue to grow with 5 commencing for a total of 10 Advisers. Includes Interwest Financial (above) and Cumulus Wealth with 3 Advisers, all from Viriathus which has now effectively closed with ‘zero’ advisers. Viriathus is owned by Sequoia Group.
Losses For The Week
40 licensees had net Adviser losses for the week for a total of (-70) Adviser roles. SMSF Advisers Network down (-7) followed by AMP Financial Planning with (-5), Hillross, also owned by AMP losing (-4) roles. Morgans also losing (-4) roles.
2 licensees effectively closed for (-6) roles. As mentioned earlier, Viriathus lost all (-3) remaining advisers. Vanzwan Accounting called time on its licence, also for the loss of (-3) roles.
Click to Access The Adviser Dashboards
AFSL Listing - Updating to March Quarter 2021
Now that we have completed the March Quarter, the AFSL Listing which includes key insights, contact details and notes for the vast majority of all AFSLs is currently being updated. Call or email me (details below) to check what’s new and when it can be delivered.
To know more about our AFSL Listing you can take a peak of the insights and numbers from our previous version. This updated report will include data and insights for the 44 AFSLs that commenced this quarter.