More than 40 per cent of financial advisers who moved under the now-suspended Dover Financial Services license came from the big six financial services licensees – AMP, ANZ, CBA, IOOF, NAB/MLC and Westpac/BT – but there is no strong track record of the advisers returning to the big six.
That is part of an analysis provided by Adviser Ratings which has noted that while 43 per cent of Dover advisers came from the so-called “big six” only 10 per cent of them returned to the big licensees when they left Dover.
It said that at a time when the industry was wondering where the 400 displaced Dover advisers would end up, there was a track record of licensees re-settling Dover advisers with over 100 advisers having exited Dover in the past few years and having found new homes.
It said that in some cases those advisers had moved multiple times following their departure.
The Adviser Ratings analysis said the large majority of advisers had “recycled” to other privately-owned licensees with the major acquirers having been Synchron, Interprac and TheFinancialLink. However, Synchron principal, Don Trapnell said Adviser Ratings had over-stated his group's recruitment of former Dover advisers, with the number being as few as four.
“The Big Six took less than 10 per cent of advisers,” it said. “New licensees were the end destination for approximately 12 per cent of advisers.”
The Adviser Ratings analysis noted that Dover had been the fourth fastest-growing licensee over the last three years, climbing by 62 per cent and 154 advisers to April, 2018