Lonsdale adviser numbers down to zero on the FAR

Reflecting the changing face of Insignia Financial’s financial planning business, one of its longest-standing licensees, Lonsdale, is now officially showing zero advisers on the Financial Adviser Register (FAR).

Just a week after Insignia announced a change in strategy and the formation of a separate company offering equity to financial advisers, the latest WealthData analysis also showed that Insignia lost 12 advisers over the week.

Importantly, Lonsdale entered 2020 with 198 advisers on the FAR and exit of five advisers saw it hit zero.

The analysis has also confirmed the comparatively high level of adviser churn with the analysis showing that while total adviser numbers on the FAR remained the same, 92 advisers actually changed licensees.

Key Adviser Movements This Week:

• Net Change of advisers, no change
• Current number of advisers at 15,715
• Net Change of (-85) for Calendar YTD
• Net Change new Financial YTD +143
• 28 Licensee Owners had net gains for 42 advisers
• 25 Licensee Owners had net losses for (-43) advisers
• 4 New licensees and 3 ceased
• 8 New entrants
• Number of advisers active this week, appointed / resigned: 92.

Growth This Week – Licensee Owners

• Shaw and Partners up by 4 with two advisers each switching from Ord Minnett and Fortrend Securities
• Four licensees owners were up by net 3 each, including 2 new licensees (details given to members), IA Advice with all 3 advisers moving across from Grange Securities, and Capital Partners with 2 advisers from Synchron, part of WT Financial Group and one new entrant
• Three licensee owners up by net 2 each, including another new licensee. Skybridge up by 2 with both advisers moving across from Lonsdale (see later), and Australian Unity with one adviser from Findex and the other being a new entrant
• 20 licensee owners up by net 1 each including, Steinhardt Holdings (Infocus), Macquarie Group, Capstone and the Australian Retirement Group.

Losses This Week – Licensee Owners

• Insignia lost a net (-12) advisers after appointing 2 and losing 14. Notable was the loss of 5 advisers from Lonsdale which is now at zero advisers. At the start of 2020, Lonsdale had 198 advisers. Millenium 3 (M3) was also down by (-5) advisers. M3 will be an interesting licensee to watch, given Insignia indicating that it could be up for sale.
• Two licensee owners, Fitzpatricks and Andrew Baxter (Grange Securities) lost net (-3) advisers. Fitzpatricks has lost 15 advisers calendar YTD or 17.44% down from 86 advisers to 71. The highest percentage loss of licensee owners with 50 or more advisers.
• Three licensee owners down (-2) each including AAN Wealth
• A tail of 19 licensee owners down (-1) each including AMP Group, Clime Group, Fortnum and WT Financial.