AMPFP adviser numbers fall below 500
In the same week that AMP Limited learned the Federal Court had found against it in the buyer of last resort (BOLR) class action, the number of financial advisers working under the AMP Financial Planning license fell below 500.
According to the latest analysis of the Financial Adviser Register (FAR) by WealthData, AMPFP now accounts for 495 – a far cry from the situation at the beginning of 2018 AMP had more than 2870 advisers working under its licenses.
At the same time, while Insignia Financial is now Australia’s largest financial planning provider in terms of financial adviser number it, too, has dropped below 1000 advisers to have just 997 currently on the FAR.
At the close of the 2022-23 financial year, Australia had 15,699 advisers on the FAR meaning that notwithstanding the stabilisation which followed the deadlines associated with the Financial Adviser Standards and Ethics Authority (FASEA) exam, 599 advisers exited the profession over the 12-month period.
Key Adviser Movements This Week:
The movement this week were dominated by the switching of advisers. Below are the key data points.
- Net Change of advisers, down by (-33)
- Current number of advisers at 15,699
- Net Change of (-99) for Calendar YTD
- 63 Licensee Owners had net gains for 93 advisers
- 69 Licensee Owners had net losses for (-128) advisers
- 12 new licensees and (-5) ceased
- 24 New entrants – Highest one week total
- Number of advisers active this week, appointed / resigned: 275.
- Insignia dropped to below 1,000 advisers – down to 997
- AMP Financial Planning, the largest individual licensee, dropped below 500 to be at 495
Growth This Week
- Vivid Financial Planning was up net 5 taking the total number of advisers to 14. Advisers coming across from Gold Financial, which is now down to zero advisers
- PSK up by net 4, picking up Lisa Kovaks licensee which is now ceased (zero advisers)
- A new licensee commenced with 4 advisers and BYB Wealth Management also up by 4 with advisers moving across from Insight Investment Services now owned by Picture Wealth
- Sequoia up by net 3
- 15 licensee owners up by net 2 including Zurich, Fortnum and Castlegurad Trust (Lifespan). 4 new licensees commenced with 2 advisers
- 43 licensee owners up by net 1 each including Shaw and Partners, Morgan Stanley and Centrepoint. The six remaining new licensees commenced with 1 adviser each.
Losses This Week
- Insignia had a very busy week, down (-16) for the week but up 20 for the new financial year. Some of this is due to advisers switching from Lonsdale to Consultum. Lonsdale now has just 8 advisers.
- AMP Group down (-8), losing 11 and gaining 3 – two gains being new entrants
- Picture Wealth down (-7) after losing 5 at Insight Investment Services and 1 each at Futuro and NEO
- Gold Financial, losing all 6 advisers and now down to zero
- Findex down by (-5)
- Three licensee owners down by (-4) including Diverger and the now closed licensee Lisa Kovaks
- Ned Scheips (Respect Financial) down (-3)
- Eleven licensee owners down (-11) including Clime Group, Mercer and Politis
- A tail of 49 licensee owners down by (-1) each including Evans Dixon, Oreana, Viridian Group and Fitzpatricks.
I’m surprised Insignia arent losing more. Exhorbitant fees and very little in the way of service. Feels like we as an industry are continuing to fund a very top heavy compliance regime.