Almost 60 advisers leave this week

The number of actual advisers dropped by 58 to 20,095 this week as the licensees continued to clean their adviser books before 30 June, according to the analysis by HFS Consulting which looks at weekly adviser movements of the ASIC’s Financial Adviser Register (FAR). 

At the same time, the number of adviser roles declined by 73 to 20,453. 

The steps taken by AMP this week, which saw AMP-owned licensees reduce the number of advisers who were authorised across its three licensees (Portfolio Planning Solutions, PPS Lifestyle Solutions and ipac securities), explained the difference between adviser roles and actual advisers. 

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HFS’ director, Colin Williams, said that none of the advisers actually left the AMP Group and there were still a couple of advisers who still operated under all three licensees, with two advisers having two adviser (representative) numbers each. 

“As a result of the changes at AMP, the number of advisers 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,” he said. 

Commenting on the losses for the week, Williams said the changes this week were dominated by three licensees, all losing 10 adviser roles each, however none of the advisers had actually left their business. 

“Ten 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,” Williams said. 

Following this, AMP-owned Portfolio Planning Solutions and PPS Lifestyle Solutions saw a loss of 10 adviser roles each, with all being authorised to provide advice at both licensees and all remaining at AMP under ipac.  

At the same time, AMP Financial Planning and Financial Services Partners saw a reduction of eight and seven adviser roles, respectively.  

At a licensee owner level AMP Group lost 33 roles, and was followed by NAB as NAB-owned JBWere lost 10 and MLC Group lost six adviser roles. IOOF Group, which was consistently moving advisers across licensees, lost four roles this week. 

On the other hand, Centrepoint Group remained the largest group (10th overall) that saw a positive growth record counting year-to-date and has currently 324 advisers with a growth of 10 year-to-date or 3.18%.  

Taking into consideration groups that have 200 or more advisers, according to HFS’ analysis Count saw the largest gain year-to-date by 6.72% (16) to now having 254 advisers and was followed by Fortnum

with a growth by 5.02% (11) taking their total adviser roles to 230. 

Year-to-date figures by the top five licensee Owners 

Source: HFS Consulting 

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Adviser number declines are 'non front line staff' - I am assuming this is paraplanners/admin support etc. Does anyone actually know what the true number of advice giving 'front line' financial planners there are in Australia? Just to clarify, what I mean by this is Qualified Financial Planners who meet with clients and present advice documentation. Here I am thinking that there are 20,000 Financial Planners left however, for all I know, it could be more like 10,000....I guess we will know the actual amount at the start of 2022. Also, are stock brokers included in this 20,000 number?

Agree Qanon - I even have doubts around the people that have passed the Fasea exam that will actually end up being client facing advisers! I sure know a lot of managers, compliance staff and even para-planners that have passed who have no intention of sitting in front of a client!

I have no idea what the govt's agenda has been, other than demonstrating it has no idea how the industry works. Crazy dicisions from 2014 on, ministers in charge of the portfolio who had no idea of what was happening. Now we get some intelligent question from parlimentary members , where were they when we were crying out for help? half the working population can now not afford advice and most think online insurance is the way to go!. Ethics! the exams seemed to me to be mostly suited to employees getting pressure from above. In my period from 1974 on i never had a problem. In those days if there was a problem there was usually an accountant behind it. I am 80 now i pulled out from june '20 and started looking for a buyer, advised the dealer of my intension aand have sold out. commiserations to the rest of you and good by.

It's interesting that these reports are stating that there are 20,095 financial advisers. A review of the FAR database shows that there are 17,728 Financial Advisers, 84 Provisional Advisers and 142 Time-share Advisers. There are then 2,715 on the register without a sub-type. From a review of some of those without a sub-type I can only assume they are employees of a licensee or paraplanners. Excluding Time-share Advisers, since April there have been 21 Financial Advisers drop off the register, 147 other financial advisers leave and only 3 Provisional Advisers added. I can only imagine with every month how much experience our industry is going to lose.

I have been the only one on record saying the following:

1. advisers number are less than 20,000

2. by 2022 (end), there will be less than 16,000 of FAR

3. by 2026, there will be between 4,500 - 5,200 remaining, these remaining highly qualified (they will be the most qualified of ALL professions (usually with two or more advanced degrees, independently wealthy, that is self-made multi-millionaires), I don't know whether this is an outcome ASIC wanted to engineer, but it will happen) all of whom will only service HNW or Wholesale clients. retail clients will have the following options :

a. google, firefox, chrome, Microsoft edge take your pick

b. Dazza the plumber

c. industry super fund, call centre jockeys who have no idea

d. Jane Hume


f. newer versions of fake financial planners who use other AFSL numbers

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