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Analysis of Financial Network Performance for the 3rd Quarter of 2011

Before we go into the analysis of these figures I must make the usual caveat that they are taken from the FSA register on a single day and as such represent a snapshot of the register on that day.  I point this out because at Which Network we have tracked the register for almost 3 years now and we have found that it does suffer from having changes made to it retrospectively.  Putting minor anomalies such as this to one side however, the figures do give a good indication as to how well networks are performing in terms of recruitment.

I would have to describe this last quarter as surprisingly steady as overall AR numbers are down by 9, but since this represents a percentage fall of only 0.12% over the last 3 month period I don’t think this is anything like as bad as most people would have expected. In fact the feedback we are now getting from successful brokers indicates that the sector is very much evolving, with the “Grabbit and Scarper”, fast turnover, high volume single hit type of business rapidly being replaced by a more professional, dare we say more ethical approach demonstrating that client care and long term business development now seem to be the way forward.

Getting into the figures, there are no major changes at the top of the table with PTFS showing a net gain of 15 due to the huge resources they are currently ploughing into recruitment. Openwork show an overall gain of 8 AR’s which is seems strange given the recent headlines regarding their losing 400 advisers in 2010, however this is the result of the sector calming down significantly since 2010 and the fact that the register only records AR’s not individual advisers.  Tenetlime/Connect show the biggest overall loss with 19 AR's gained but 47 lost taking them down 28 on the quarter.  Julian Harris did well in percentage terms with an overall increase of 5 new AR's, although this is on the back of a period of around 8 months when they did not register any new AR’s.  Of the other smaller networks, Ingard who are a new addition to the table have increased their AR count by 2 AR's but Unleash seem to be having a difficult time and are 4 down overall.  

The good news is that we don’t really expect the table to change much in the next 3 months unless of course the West suffers a financial China Syndrome as it appears surviving firms are now becoming used to operating in the much more difficult marketing conditions with the better ones actually beginning to show a rise in business levels.

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