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. 

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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. 

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net weekly loss of 36 this week, due to seasonality, with it being holidays still for most advisers. should revert back to trend from the first week of February to a net loss of about 100 p/week and this will gradually increase towards the end date for the exam of 1 Jan 2022 with a big spike in resignations around Dec 2021.

I forecast net annual loss of 5,200 advisers with 2 to 5 new PY added per annum for the next 4 years and a final tally of advisers around 4,800 to 5,000 at the end of 2026 down from an average of 28,000, we are currently sitting at 20,764 currently.

the remaining advisers will be those who already hold multi advanced degrees, have already passed fasea and have been established for a considerable period with virtually no capacity for new clients, they are already full.

Wow...we're now reporting on 32 "new" adviser appointments in a see of 20,000+. Just shows how Government policy continues to decimate the industry.

I do question “new” adviser appointments ? Are they truly new or just advisers moving to a new licensee ? The FASEA exam still has 10,000 advisers to complete it in basically 11 months I don’t think that is possible without more dates becoming available and the exam being able to be sat remotely with there computer
As I have said many times a great deal of advisers are only doing the exam to give them more time to comfortably move on and out of this incredibly over regulated profession and take on a different role in real estate maybe or a similar role
We all know that the adviser force is the dominant new business introducer for the life companies and as the adviser force reduces so does the ability to service current clients needs, claims etc
Premiums will only get dearer as this movement continues I see a completely devastated industry well before 2026 unless there are massive changes made and now

Its got to the stage that you could start naming the advisers in each weekly update

Maybe we should track movements of advisers switching to Bunnings as the new employer of choice!

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