There are no real surprises in IFA's Top 100 Dealer Group Survey for the second half of 2007, however, a few significant changes can be seen in terms of a rise and fall in adviser numbers among the top 10.
Professional Investment Services (PIS) once again topped the list, a result executive officer Robbie Bennetts says doesn't surprise him at all.
PIS increased the number of financial planners it has from 1465 to 1540, a rise Bennetts says he is confident can be repeated again next survey.
He cites the group's support networks as one of the key reasons behind its success, as well as the high number of adviser referrals PIS receives.
These referrals often result in up to 10 enquiries each week from practices looking to sign up, according to Bennetts, who says PIS deals with practices selectively to ensure future partnerships will complement both sides.
PIS indicated its focus is not only on securing new planners, but also working with universities to give students an introduction to the industry, thus hopefully increasing the number of future planners.
This survey, Millennium3 moves up from six to five in the top 10.
The dealer group increased its number of advisers from 485 at the end of 2006 to 601 at the end of 2007; an increase of 116, which is the largest for 2007.
AMP maintained its number two position, with an increase in advisers from 1216 in the first half of 2007 to 1295 by the end of December 2007.
AMP Financial Planning managing director Michael Guggenheimer says AMP has been able to increase its planner numbers due to a number of programs it has in place to source, attract and recruit planners.
Guggenheimer says AMP targets planners new to the industry, those starting as paraplanners and people looking for a career change.
"A key driver of financial planner growth is our business-as-usual planner recruitment program and also the new AMP Horizons Financial Planning Academy, which opened in Sydney during the second half of 2007," he says.
"More than 32 planners have graduated from the 13-week program, 32 are currently completing the program and recruitment and selection is underway for intakes three and four."
He says AMP has received more than 700 applications for the 64 spots allocated so far. AMP's focus for growing its distribution scale in 2008 will include improving planner productivity, lowering planners' costs and opening up market opportunities in serving a broader client base.
The dealer group has also increased its paraplanner numbers from eight to 70 in the 12 months to December 2007, Guggenheimer says.
"We actively recruit paraplanners through our Planner Pathways program. The 18-month program includes 500 training hours and job experience as a paraplanner and as an adviser in AMP's central advice services team," he says.
Westpac Financial Planning moved from five to six by the end of last year, losing a total of 62 advisers over six months.
Westpac Financial Planning partnership program head Sarah Forman attributes this loss to a renewed focus on ensuring Westpac has the right advisers on board.
"For Westpac, it's not about growth for growth's sake, it's about making sure we have the right planners in front of customers and that our planners have the skills and support to do their job to the best of their ability," Forman says.
"The overall shift in planner numbers reflects a realignment of our planner pool, which has seen the biggest change in our entry level position - investment representatives - which has declined from 70 to 27."
Westpac will remain focused on a smaller team of investment representatives and will continue its existing commitment to foundation, senior and executive financial planners, she says.
"For customers, the most important aspect in their financial advisory relationship is the quality, training and support provided to their adviser, not whether or not their adviser is part of the biggest network of planners," she says.
"Over the past year we've focused on recruitment and retention and developed what we believe is a market-leading 'full career path' offering, which is beginning to show results as we attract top-quality experienced planners and retain those developing their skills. "
Westpac has been successful in retaining many senior and executive financial planners through its Partnership Program, as well as through the Magnitude business - which has seen a number of planners establish their own practice within the broader group.
