Seven licensees add new adviser roles
Despite a slow start to the year, at least seven licensees have reported net gains of two new adviser roles and they were followed by 18 licensees who managed to add one adviser role each, according a HFS Consulting analysis.
The analysis, which looks at the weekly changes in the corporate regulator’s Financial Adviser Register (FAR) found the seven were Neo Financial Solutions, Infocus Securities, Australian Unity Personal Financial Services, Crown Wealth Group, Guideway Financial Services, Together Financial Planning, and Wealthmed Financial.
At the same time, a number of lost adviser roles continued to stay equally high, at around 50, with the current single largest financial planning group, the SMSF Advisers Network, leading the table with a net loss of seven advisers this week.
HFS’s director Colin Williams noted that those figures should be looked at very carefully as some of them might be backdated into 2020 since the licensees had 30 days to report their adviser movement.
“Backdating of adviser movement can cause a little friction in the numbers. The SMSF Advisers Network reported seven losses however, but six fell into 2020,” he said.
“Strangely, looking purely at the 2021 dates of the adviser movement, it is in a plus nine position with 55 advisers appointed and 46 roles resigned giving a net gain of nine.”
Charter Financial Planning and Macquarie Equities also recorded this week a loss of three adviser roles each.
Also, the past week saw an addition of one new licensee DDMA while Halifax Investment Services exited the market after losing its only adviser role.
AUTHOR
Oksana Patron
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
