Weekly Movement of Financial Advisers To June 3, 2021
This week’s analysis of the ASIC Financial Adviser Register (FAR), shows a decrease of (-107) Adviser Roles moving from a total of 20,306 to 20,199
The number of actual Advisers dropped by (-103) from 19,953 to 19,850
Click Here To Access The Detailed Adviser Dashboards
(See Dashboard 17 for more information to the variation between Adviser Roles and Actual Advisers)
IOOF - Now Fully Own MLC
The data this week is dominated by IOOF ‘absorbing’ MLC Advisers and as a result, the numbers are best viewed via Dashboard 1B - By Licensee Owner.
All of MLC licensees have ceased with Godfrey Pembroke retaining its name and the remaining MLC Advisers have been placed into existing IOOF licensees. The numbers this week make for big swings on the charts, but it doesn’t hide the fact that number of actual Advisers dropped by (-103).
In the transition this week, IOOF lost (-64) Adviser roles based on the combined number of Advisers at MLC and IOOF last week. Many of the roles lost appear to be none client facing roles who may have not necessarily lost their ‘job’. However, 16 Advisers have left and joined other licensees.
IOOF Overtakes AMP For Total Number Of Advisers
With the purchase of MLC, IOOF leapfrogged AMP group for the number of Adviser roles. IOOF with 1,470 have 46 more roles than AMP at 1,424. The gap could have been closer as AMP Group lost 19 roles of their own this week.
Going back to early Sep last year when IOOF announced the proposed deal with MLC, the combined IOOF / MLC did have 1,964 Advisers and AMP had 1,824, a variance of 140.
The Numbers - Gains and Losses
Putting the IOOF / MLC deal to one side, there was still quite a bit of activity. Australian Unity gaining 6 new Advisers all from the former MLC Group and Oreana continued their growth off with another 3 Advisers from IOOF. WPFP (Wilson Pateras) a new licensee moved its remaining 3 Advisers from Hillross. In total (Inc IOOF / MLC) 29 licensee owners made net gains of 48 Adviser roles.
As for losses, as stated earlier the new IOOF lost (-64) , AMP down (-19). Easton Group down (-10) and Togethr Trustees (Super Fund) down (-6). In total 43 licensee owners had net losses for a total of (-155) roles.
We did see two new licensees commence for only 3 Adviser roles and 13 closed, 4 belonging to MLC. The remaining 9 closed licensees represented 15 Adviser roles.
YTD Movement
Growth by licensee owner that have more than 50 Advisers, (Dashboard 2), Oreana is now at 18 followed by Count at 15, Centrepoint at 15 and Fortnum at 12. As for losses, the new IOOF is down (-346), AMP (-167), NTAA (SMSF Advisers Network) (-67) and Easton at (-64).
New Filters On Dashboards
We have changed our filters to help you view the Adviser Network in a mode that best suits you. The changes have been in anticipation of IOOF deal and more importantly FASEA. We see FASEA affecting 4 main sectors - These being
Financial Planning - focus on holistic advice
Investment Advisers - who focus on portfolio advice
Accountants (Limited and Full Advice) - split by those who provide full advice and those who provide limited SMSF advice
Super Fund Based Advice - Licensees that provide advice to members of super funds
Other and Other Limited - licensees that don’t fit the above categories - none appear to be providers of full retail advice to Australians.
More details to the peer grouping at Dashboard 19 and Dashboard 3 provides a good summary by Peer Groups and Licensees.
Sort by the number of Advisers - This secondary filter allows you to sort by size of licensees within certain ranges. For example, sort by licensees with between 50 and 99.
FASEA Exam Pass Data
We have cross matched close to 10,000 ‘known’ FASEA Exam passes. The data makes for interesting reading and we can break this down by licensees which is where it really gets interesting - Contact Us Directly For This Info.
Our model forecasts that there will be approx 15,000 Advisers at the end of this year. More details from the blog we released earlier this week - FASEA Exam Pass and Forecasts
