Weekly Financial Adviser Movement To May 13, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a decrease of (-73) Adviser Roles moving from a total of 20,526 to 20,453
The number of actual Advisers dropped by (-58) from 20,153 to 20,095
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(See Dashboard 17 for more information to the variation between Adviser Roles and Actual Advisers)
Why the Variance between Roles and Actual Advisers this week? AMP owned licensees Portfolio Planning Solutions, PPS Lifestyle Solutions and ipac opted to reduce the number of Advisers who were authorised under all three licensees. None of the Advisers actually left the AMP Group and there are still a couple of Advisers who still operate under all three licensees. We did notice that two Advisers did have two Adviser (representative) numbers each.
As a result of the changes at AMP, the number of Advisers on the ASIC FAR that are authorised to provide advice under three licensees dropped from 19 to 12. The variance between the number of Advisers and actual Advisers dropped from 373 to 358.
Key movement stats for the week
Number of roles appointed was 49 and the number of roles resigned was 122 giving the net loss of (-73). As mentioned, the number of actual Adviser losses was (-58). Three new Provisional Advisers appointed, indicating that 46 Advisers ‘switched’ licensees.
Gains For The Week
31 licensees made net Adviser role gains of 45. Leading the way was RI Advice, however all the gains are mostly due to internal movement at IOOF. Garnaut Private Clients is a new licensee and commenced with 3 Advisers - all three Advisers are dual licensed with Garnaut Private Wealth which has a total of six current Advisers.
Alliance Wealth also had a net gain of 3 Advisers with two Advisers Millennium 3. Three licensees made net gains of 2 Advisers including Bombora Advice and 25 licensees made a net gain of 1 role each.
Two new licensees commenced for 4 roles - including Garnaut mentioned above.
Dashboard 1B has been added which highlights movement by ‘Licensee Owners’. This shows that 27 Licensee Owners made net gains for a total 32 Adviser roles.
Losses For The Week
Losses are dominated by 3 licensees all losing 10 Adviser Roles each - However, NONE of the Advisers actually left their business. 10 roles at JBWere were lost, none appeared to be front-line Advisers. We saw a similar move earlier in the year by ANZ Bank removing non front-line Advisers off the ASIC FAR.
AMP owned Portfolio Planning Solutions and PPS Lifestyle Solutions reduced by 10 Adviser roles each. All were authorised to provide advice at both licensees and all remain at AMP under ipac. AMP Financial Planning did lose (-8) and Financial Services Partners (-7).
The loss of Actual Advisers is mostly found in the long tail of small losses. 37 licensees had a net loss of (-1) Advisers, and 10 licensees had a net loss of (-2) Advisers. In total 56 licensees had a net loss of Advisers for the week.
At a Licensee Owner level (see Dashboard 1B) - AMP Group lost (-33) roles, NAB (NAB owns JBWere) lost (-10) and MLC Group at (-6). IOOF Group which is consistently moving Advisers across licensees lost (-4).
This week 6 licensees closed for the loss of (-8) roles. None of the roles appeared to be full time Advisers.
Looking at YTD figures by the top 5 Licensee Owner (Dashboard 4). AMP Group are down by (-133) or (-8.36%), IOOF down (-125) or (-10.05%), National Tax & Accountants (SMSF Advisers Network) down by (-19) or (-2.29%), Easton Group down by (-38) or (-5.83%) and Morgans holding up as the best of the big five with a net loss of (-4) roles or (-0.81%).
Centrepoint Group is the largest group (10th overall) that has a positive growth record YTD - they currently have 324 Advisers with a growth of 10 YTD or 3.18%. For groups that have 200 or more Advisers, Count has grown by 16, or 6.72% to now having 254 Advisers, followed by Fortnum with 11 or 5.02% taking their total Advisers roles to 230.
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.