Adviser moves show industry upheaval

Rainmaker analysis of ASIC Financial Adviser Register data has revealed hundreds of movements across advice dealer groups in just the last three months.

From July to October end, Commonwealth Financial Planning lost over 100 advisers, going from 568 to 447.

Financial Wisdom, which is in the process of shuttering, lost 93 advisers, down from 322 to 229.

Meanwhile, Aon Hewitt lost a significant proportion of its headcount, dropping from 149 advisers to just 44.

Despite news of Buyer of Last Resort changes and advisers mounting a class action, AMP Financial Planning only lost 37 advisers over the last three months.

Synchronised Business Services was one of the few winners in recent adviser movements, while the vast majority of licences lost advisers Synchron's adviser count grew from 505 to 528.

Shaw and Partners Financial Planning also experienced huge growth in the period, more than tripling its headcount from five advisers to 36.

At the other end of the spectrum, Bendigo Financial Planning shut down during the period.

IOOF-owned Bridges acquired the Bendigo Bank advice business in April as part of a $3 million transaction that was estimated to move approximately $1 billion in funds under management to Bridges' books.

Of the 63 Bendigo advisers on its books in July, 33 have ceased. Just 20 elected to join Bridges, Morgans picked up three, and Synchron picked up two as did Financial Services Partners. One went to Australian Unity Personal Finance, one to Industry Fund Services and one to VicSuper.

Another AFSL, Smart Solutions, showed 18 advisers registered in July but had ceased by October.

Equipsuper went from four aligned advisers to 12, likely due to Catholic Super's dealer group ceasing. The joint venture between the two industry funds officially went ahead last month. The register showed Catholic Super had 30 advisers in total in July before shuttering.

A spokesperson for Catholic Super explained that the fund has 11 advisers qualified to give personal financial advice and that none of those advisers have left the fund. It was decided that they should move to the Equipsuper AFSL as part of the joint venture between the two super funds which means they operate under the same trustee.

The spokesperson said advice services for members have remained unchanged.

Former Westpac-aligned dealer groups Securitor and Magnitude ceased during the period, with advisers choosing to exit or move to other licences.

In August, Financial Standard reported on the exodus from the Westpac aligned licensees.

Finally, indicating the challenges facing small advice practices, a number of licences with just two advisers attached shut down during the period.

Vivid & Co Accounting, State Advice, Harvest Income, FitNActive8, De Lloyd and D P Loewy & Co all closed up shop according to the ASIC FAR.

Meanwhile, a total of 26 single adviser licences ceased between July and October.

Read more: BridgesCatholic SuperSynchronASIC Financial Adviser RegisterEquipsuperWestpacAMP Financial PlanningAon HewittAustralian Unity Personal FinanceBendigo BankBendigo Financial PlanningBuyer of Last ResortCommonwealth Financial PlanningDe LloydFinancial Services PartnersFinancial WisdomHarvest IncomeIndustry Fund ServicesMagnitudeMorgansPartners Financial PlanningP LoewySecuritorSmart SolutionsState AdviceSynchronised Business ServicesVicSuper
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