
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.
Hostplus """"""Balance Fund""""" 100% growth and they don't update the unit prices have a look at their returns you cannot…
Some of the misleading wording from the funds was reminiscent of ASIC's own language when confronted with their 'under performance'…
We need regulatory rigour concerning crypto-currencies before we can get to the advice part. Currently, crypto is not a security,…
Will AFA also be lobbying for the personal advice framework to cover poker, roulette, horse racing and lotto?
Having worked in an Accounting firm, I know Accountants just want to sell more SMSF's without consumer protection mechanisms. They…