According to the researcher’s second analysis of ASIC’s dataset, which looks at advisers active between 2005 and 2015, the industry overall grew at a “healthy rate” of 13.4 per cent.
The licensee controller that saw the most growth was Westpac, at 16.4 per cent. ANZ was second, with 14.2 per cent growth, while the non-aligned sector has grown by 13.8 per cent since 2005.
Einsights noted that the analysis “masks significant industry events” such as ANZ’s acquisition of ING and Suncorp’s dissolution of Guardian Advice and Suncorp Financial Planning.
As for the licensee controller with the most loyal advisers, Macquarie Group led the way, with 57 per cent of advisers having been part of its network since 2005.
CBA emerged as a close second (at 55 per cent), while NAB has seen 48.9 per cent of its advisers remain loyal since 2005.
The average tenure for Macquarie advisers is 8.3 years, while the average tenure is 6 years at CBA and 5.5 years at AMP.
Finally, the report looked at which licensee controllers saw the most advisers become non-aligned, finding that since 2005, AMP has seen 10 per cent of its advisers cross over to the non-aligned sector while NAB has seen 6 per cent and ANZ has seen 5.8 per cent.
Einsights said this analysis is intended to predict the “most likely next destination”, as dealer group switching among advisers has been increasing since 2015.
