Weekly Movement of Financial Advisers to April 15, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows an increase in Adviser Roles by +23, moving from 20,657 to 20,680.
The number of actual Advisers dropped by (-16) from 20,321 to 20,305
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The big uptick in Adviser Roles was due to Euroz Hartleys Limited authorising 40 Advisers. All 40 Advisers are also authorised at Euroz Hartleys Securities. Therefore, no new incoming Advisers. Euroz Group now joins Shaw and Partners and Macquarie Group for the most amount of ‘excess’ roles (Number of Adviser Roles that is greater than the number of actual Advisers). The three groups have a total 165 excess roles - See Dashboard 17 for more information.
Without the inclusion of the Euroz Adviser Roles, the number would have reduced by (-17)
For the week 109 Adviser roles were appointed (including 40 at Euroz) and 5 were Provisional Advisers. Excluding Euroz, 64 appointments would be experienced Advisers switching licensees.
86 Roles ‘resigned’ to give the net total of +23 Adviser Roles. As mentioned, excluding Euroz the net change would have been (-17).
Gains For The Week
31 licensees made net Adviser role gains of 98 Roles or 58 roles if excluding Euroz. Euroz Hartleys had the largest gain with 40. RI Advice gained 15, however, this is a game of musical chairs within IOOF as all Advisers came from Financial Services Partners (FSP) and Bridges. IOOF as a group was down (-4) roles.
BostonIQ completed their move of Advisers from AdviserIQ with 6 new Adviser roles and taking their total to 7. CPW Advisory, trading as Chalmers Private Wealth, commenced their licensee with 5 Advisers all from GWM (MLC). Privest Licensee Services, also a new licensee commenced with 3 Advisers, all coming across from Neo Financial Solutions. Count also chipped in with 3 roles, all via Fitzpatricks.
New licensees continue to grow with 5 commencing for a total of 12 Advisers. Includes CPW and Privest from above.
Losses For The Week
44 licensees had net Adviser losses for a total of (-75) Adviser roles. IOOF licensees FSP and Bridges had combined losses of (-19) and as mentioned 15 went to RI Advice. GPS Wealth losing (-5) followed by Fitzpatricks and Neo both losing (-3) Advisers. A long tail thereafter with 6 licensees losing (-2) and 33 losing (-1) each.
2 licensees effectively closed for (-2) roles. Again this week, both were licensees associated with accountants.
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.
