How authorisations are blurring adviser exits
This week’s analysis of the Australian Securities and Investments Commission (ASIC’s) Financial Adviser Register (FAR) by HFS Consulting has found that despite an increase in adviser roles by 23, the number of actual advisers has actually dropped to 20,305.
Such an increase in adviser roles was, according to HFS’ director Colin Williams, driven by Euroz Hartleys which authorised 40 advisers which meant that there were no new incoming advisers.
The move also put the firm, next to Shaw and Partners and Macquarie Group, in terms of the groups with the highest amount of ‘excess roles’ which occurs when a number of adviser roles was greater than the number of actual advisers.
According to Williams, these three groups had in total of 165 excess roles.
Source: HFS Consulting
Excluding Euroz, this week saw 64 appointments being made by experienced advisers switching licensees while 86 roles were ceased which would normally give the net total of 23 adviser roles, however Williams said that when excluding Euroz the net change for the week stood at -17.
As far as the gains for the week were concerned, more than 30 licensees made net adviser roles gains of 98 roles or 58 roles if excluding Euroz, with the largest gain (40),it was followed by RI Advice which 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 four roles,” Williams said.
At the same time, 44 licensees had net adviser losses for a total of (-75) adviser roles, with IOOF’s licensees FSP and Bridges combined losses of (-19).
GPS Wealth lost five adviser roles and was followed by Fitzpatricks Private Wealth and Neo Financial Solutions both losing three advisers. On top of that, six licensees lost two and 33 firms lost one adviser role.
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