Weekly Financial Adviser Movement To May 20, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a decrease of (-48) Adviser Roles moving from a total of 20,453 to 20,405
The number of actual Advisers dropped by (-42) from 20,095 to 20,053
Click Here To Access The Detailed Adviser Dashboards
(See Dashboard 17 for more information to the variation between Adviser Roles and Actual Advisers)
Key movement stats for the week
Number of roles appointed was 67 and the number of roles resigned was 115, giving the net loss of (-48). Five new Provisional Advisers appointed, indicating that 62 Advisers ‘switched’ licensees. The variance between Adviser Roles and Actual Advisers was driven in part by AMP finally closing two small licensees PPS and Portfolio Planning Solutions who shared the same Advisers.
Gains For The Week
33 licensees made net Adviser role gains of 56. Leading the way was Altus Financial Services with 7 Advisers - a new licensee of two firms Goodwins (Ex Apogee) and Altus (ex Charter) merging. Consultum and RI Advice - both IOOF firms also made gains of 7 roles each. However, the roles created are due internal changes at IOOF who continue to rationalise their licensees (See losses for the week). Alliance Wealth, owned by Centrepoint gained 4 roles.
Three new licensees commenced including Altus for a total of 9 Advisers.
At the licensee owner level (Dashboard 1B), 29 owners gained a total of 40 Adviser roles.
Losses For The Week
Losses are dominated by large licensees. 50 licensees made net losses of (-104) roles. As a result of the ongoing changes within large groups, losses this week are best viewed at the licensee owner level. MLC Group down (-17), AMP Group (-13), IOOF (-7) and Easton down (-6).
There is long tail of losses with 3 owners down by (-3) 5 with (-2) and 29 for (-1) each.
Another big week of licensee closures with 9 effectively closed* for a total of (13) Adviser roles. Again this week, losses are dominated by accounting based licensees.
YTD Movement
MLC Group and IOOF have lost a total of 262 adviser roles and AMP Group are down by 146 Roles. We believe some of the IOOF losses are finding their way back into the IOOF Group through IOOF Alliances who support Self-Licensed Advisers.
The losses at MLC Group could be more worrying to IOOF. YTD the loss at MLC is (-132) and since September 1, 2020 it is (-164) or (-27.11%).
On the upside at the licensee owner level, Count and Oreana are now both up by 15 Advisers, closely followed by Centrepoint Group at 14 and Fortnum at 12.
The number of licensees that have closed* YTD is now at 76 for the loss of 161 roles. Over 50 of the licensees closed are licensees associated with accounting firms. If anyone wants a list of the closed licensees that includes most contact details - please call or email. We can also supply a list of current small licensees that highlights those connected to accounting firms. Given the pressure on such licensees, they may be looking for new Advisers to service their clients.
*Definition of closed is that Adviser roles are now zero at the licensee.
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.
