Weekly Financial Adviser Movement To November 19, 2020

Major Update to The Dashboards
Please note - we have made a major change to enhance the Weekly Adviser Movement dashboards.

The landing page dashboard and dashboard 5 - ‘Lic Offer Peer Group Adviser Movement’ allow you to filter results by Peer Groups.

The main peer groups are ‘Self Employed’, major licensees with more than 20 Advisers such as AMP Financial Planning, Lifespan and Fortnum; Private Client peer group (also more than 20 Advisers) and include firms such as Shaw and Partners, JBWere and Morgans. Remaining peer groups include Bank Salaried, Super Funds and Non Bank Salaried models. A peer group for <20 Advisers also included and may best be described as ‘self licensed’. More information about each peer group on dashboard 13.

If you want a further breakdown of the groups by Business Model (e.g. High Net Worth, Accounting etc), which is really great if you want to investigate the smaller less than 20 Advisers peer group, contact me and I will provide the details.

Important, the peer groups only contain licensees that have at least one current Adviser. You can filter by ‘Licensees with Zero Advisers’ to see licensees that no longer have advisers attached to them.

Adviser Movement For The Week
This week saw more losses which have increased over recent weeks. In total 35 advisers roles were lost over the week. Again, AMP Financial Planning (AMP FP) topped the list with a net loss of 15 adviser roles. Financial Services Partners (FSP)also lost 6 advisers who switched to ‘Wealth Trail Pty Ltd’ a relatively new licensee formed last year and all are connected to the business trading as Freedom Finance Australia based in Melbourne.

As for gains, Wealth Trail as mentioned earlier gained 6 advisers from FSP. Two new licensees started with 3 advisers each. Navigate Licence (Navigate Advisors) commenced with their advisers switching from Count Financial and Strategic Advice Australia (Strategic Planning Solutions) with 3 advisers switching from Matrix.

Australian Unity also picked up 3 Advisers, 2 from Clearview and 1 from AMP.

Morgans Financial hired another Provisional Adviser bringing their total to 2. No other new advisers commenced this week.

Worth noting that this week saw 5 new licensees commence with advisers and also 5 licensees effectively cease providing advice by reducing to zero advisers.

Year to date growth of advisers still has Lifespan out in front with a net gain of 62 advisers followed by Interprac at 45 and Sentry Advice 34. Technically MLC - GWM have the best net growth with 73 adviser roles. However, 156 advisers switched from NAB to MLC - GWM.

As for losses, If you filter the data to ‘Self Employed’ you’ll see that AMP FP lost 272 Advisers, followed by Charter 92 and SMSF Advisers Network losing 85. AMP FP and Charter account for 57% of all losses YTD for the Self Employed peer group.

If you have any questions and need more details, please call or email via Contact Page

Below is the link to the Weekly Adviser Movement dashboards.