Centrepoint grows adviser numbers with Finchoice pick-up
Specialist financial adviser data firm, WealthData is querying what has happened to former Mortgage Choice Financial Planning-branded licensee, Finchoice in circumstances where 10 advisers have moved across to Centrepoint licensee, Alliance Wealth.
The movement between Finchoice and Alliance Wealth represented a significant element of this week’s financial adviser movement on the Financial Adviser Register as monitored by WealthData.
WealthData’s analysis noted that Centrepoint Group picked a net growth of 11 advisers mostly off the back Mortgage Choice owned Finchoice, with 10 advisers moving across to Centrepoint’s licensee Alliance Wealth.
The Finchoice movement came during a week in which there was a net decline of 25 advisers on the FAR.
This represents the WealthFata commentary:
Key Movements This Week:
Net Change of advisers (-25)
22 Licensee Owners had net gains for 46 advisers
30 Licensee Owners had net losses for (-74) advisers
24 Individual Licensees had net gains of 50
40 Individual Licensees had net losses of (-77)
10 Provisional Advisers (PAs) appointed. This indicates that (-35) experienced advisers dropped off the FAR this week.
Growth This Week
Licensee Owners. Centrepoint Group picked a net growth of 11 advisers mostly off the back Mortgage Choice owned Finchoice, with 10 advisers moving across to Centrepoint’s licensee Alliance Wealth. Morgans Group had a good week picking up 6 advisers, 3 being Provisional Advisers.
Castleguard back into growth mode with a net 4 via Lifespan who picked up 3 advisers from Millennium 3 and 1 from Synchron. One new licensee commenced with three advisers, all ex AMP FP, followed by 4 licensee owners picking up a net 2 including another new licensee with advisers from Consultum. 14 licensee owners had net growth of 1 each.
This week the large licensees dominated growth with 7 licensee owners with more than 50 advisers picking up net growth of 26.
4 new licensees commenced for a total of 7 advisers.
Losses This Week
IOOF have gone back-to-back weeks of losing (-13) advisers in a week. Mortgage Choice, through the losses at Finchoice are down (-10) advisers and now only have 25 advisers. AMP Group another red week with a loss of (-8) and CBA down (-4).
The big groups also had the biggest losses with 13 licensee owners of more than 50 advisers losing a net (42).
4 licensees closed for the loss of (-9) advisers.
Year To Date Data
Centrepoint after their big week moved into second position for growth of lLicensee owners of 50 or more advisers with a net growth of 13. Oreana still out in front with 37 and Canaccord now in third with 7.