While there has been no recent net loss of advisers, HFS Consulting’s weekly analysis reports significant movement between licensees and the emergence of new licensee firms continuing.
The firm’s most recent analysis of the ASIC Financial Adviser Register (FAR) shows a reduction of three adviser roles to 20,657, however the number of actual advisers remained steady at 20,321.
The report for the April 8 week details 73 adviser roles appointed with four being ‘new’ provisional advisers. Therefore, according to the consulting firm, 69 appointments can be seen as experienced advisers switching licensees while 76 adviser roles resigned to give the net total of (-3) adviser roles.
HFS Consulting’s Colin Williams writes that what is seen in last week’s reporting “…follows a familiar story as one natural quarter closes and another starts”. He says the previous week saw 104 adviser roles lost.
“Many of those advisers commenced in [a] new role this quarter.” The company’s dashboard called Running Total Net Change shows 66 new appointments and 33 resignations in the month of April to date, a net gain of 33 roles.
…33 licensees made net adviser role gains…
As to the gains for the week Williams says 33 licensees made net adviser role gains of 67 for the week.
The largest gain was for ‘Quadrant First Pty Ltd’ with 12 Advisers. “This business now comes under the merged super funds of MTAA and Tasplan to be known as ‘Spirit Super’.” All 12 advisers were previously licensed under Link Advice with the adviser losses shown in the previous week’s report.
The report also says that Interwest Financial, a new licensee in WA, started with four advisers, all ex AMP Financial Planning.
Infocus added four advisers and Synchron also gained four roles with three being new provisional advisers.
Williams adds that new licensees continue to grow with five commencing for a total of 10 advisers.
