Financial Adviser Market Insights, March 27, 2025
Adviser Numbers Decreased By One For The Week, Moving From 15,579 To 15,578
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The first weekly loss in quite a while, albeit down by just one adviser. Five new licensees commenced and zero ceased. Seven new entrants came onto the ASIC Financial Adviser Register (FAR) indicating that eight more experienced advisers left.
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Key Adviser Movements For This Period
Net change of advisers (-1)
Current number of advisers at 15,578
Net Change Calendar 2025 YTD +102
Net Change Financial YTD +235
25 Licensee Owners had net gains of 33 advisers
20 Licensee Owners had net losses for (-27) advisers
Five new licensees and zero ceased
7 New entrants
Number of advisers active in this period, appointed / resigned: 63.
Growth - Licensee Owners
A new licensee, Northhaven Private Wealth (see below) commenced with three advisers, and the advisers are still currently authorised at Northhaven Financial Management
Another new licensee, Abundant Financial Management (see below) also commenced with three advisers who left Australian Advice Network
Four licensee owners up by net two
Spark Financial Group with both advisers moving across from Fortnum part of Entireti & Akumin Group
Sensible Investment with one adviser each from Paragem, owned by Count Limited and Excalibur Wealth Group
Oreana with both advisers moving across from Fitzpatricks
Australian Financial Planning with both advisers showing as being still authorised at Step Up Financial Group.
19 licensee owners up by net one adviser each including Morgans, Ord Minnett and the remaining three new licensees.
New Licensees This Week
There have been five new licensees listed this week.
Northhaven Private Wealth Three advisers who are still currently authorised at Northhaven Financial Management
Abundant Wealth Partners trading as Centaur Financial Services. Three Advisers previously at Australian Advice Network
Financial Purpose with one adviser ex Spark Group
Rosetta Stone Financial Services, one adviser, website showing as ‘unsafe’. Previously with Count
SMSF Made Easy - One adviser, AFSL recommenced after being at zero advisers since 2022. The current adviser is also authorised at Frontier Wealth Advisers.
Losses - Licensee Owners
Australian Advice Network down by three, as mentioned above moving to a new licensee
Industry Super Holdings also down by three and none of the advisers showing as being authorised elsewhere to date
Three licensee owners down by net two
Entireti & Akumin Group appointed two, including one new entrant and lost four advisers
Fitzpatricks as mentioned above, both advisers moving to Oreana
Insignia losing one each from Bridges and Shadforths, neither have been appointed elsewhere to date.
A tail of 14 licensee owners down by net one each including; Count Limited, Sequoia and Perpetual.
Impact of Micro AFSLs - Keeping Pace With Change
At the Financial Newswire ‘Advice, Wealth and Super Rewired’ conference in the Hunter Valley this week, I will be presenting the ‘Financial Adviser Landscape’. Part of the presentation includes a breakdown of the financial planing market with a focus on new AFSLs. Due to so many AFSLs (licensees) having a limited number of advisers, we often refer to them as Micro AFSLs.
The chart below, from Dashboard 17 of the Licensee Deep Dive group of dashboards, breaks down the number of advisers and licensees that can offer investments via a WRAP account. It is split by licensee owners that have less than 20 and 20 or more advisers. It highlights that 4,962 advisers sit on a total of 1,557 licensees at an average of 3.19 advisers per licensee. This translates 35.11% of all advisers working across 92.13% of all licensees.
The impact highlights the difficulty some firms who service advisers may have in accessing and keeping tabs on the advisers. Already this year we have seen an additional 27 licensees commence and (-12) cease, almost all being small licensees.
It may also raise questions over the efficiency of running a small Micro AFSL compared to larger groups that average 69.92 advisers per licensee.
AFSLs (Licensees) With Advisers That Can Offer Investments Via A Wrap
