Insto advisers least likely to switch licensees
Digging deeper on advisers’ movements between licensee segments, Padua Wealth Data has revealed that, despite the lack of institutional financial advisers, these individuals are least likely to switch licensees.
The latest industry analysis has revealed that, of the 1,877 advisers operating under an institutional licensee, 812 (43.3 per cent) have only ever been appointed somewhere once, and a further 538 (28.7 per cent) have been appointed twice.
Large licensees with more than 150 advisers followed institutional licensees with the least number of appointments among its advisers with 2,729 (55.8 per cent) of its 4,893 advisers being appointed one or two times.
Boutique licensees with less than 20 advisers also saw relatively low rate of appointments with exactly half (50 per cent) of its adviser base being appointed a maximum of twice.
While institutional licensees saw the fewest appointments, more than half of the overall profession (52.8 per cent) have been appointed no more than twice in their career, accounting for 8,166 of the 15,458 individuals currently on the Financial Adviser Register (FAR).
At the other end of the spectrum, some 26 advisers have been appointed to a licensee more than 10 times, and 2,089 (13.5 per cent) have done so 5-10 times.
Looking at the weekly movements, adviser numbers saw a new loss of nine, reversing the gains seen last week and bringing the net change for the financial year-to-date back to sit at a gain of 288.
Meanwhile, the calendar year-to-date has been dragged back to a net loss of 14 after coming close to pushing into the green last week.
Notably, the week ending 20 November saw 18 new entrants hit the FAR, and while this marks the highest number of new entrants since 3 July, it also means that 27 experienced advisers exited the profession this week.
It was a quiet week in the licensee landscape this week with none commencing or ceasing during this period, and all 18 licensees affected saw a net gain of one adviser each.
Losses were also notably low with Vivid HoldCo Limited down by net three advisers, and four licensees, including Art Group Services, Count Limited, Fiducian Financial Group and Stellan Capital Group all down by net two each.
A tail of 16 licensees had a net loss of one adviser each, including Viola Group, FP Advice and Findex Group.
AUTHOR
Shy-Ann Arkinstall
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