Financial Adviser Market Insights, November 6, 2025
Adviser Numbers Decreased By Three For The Week, Moving From 15,461 To 15,458
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Over the week, the net number of financial advisers dipped by just three advisers. Six new entrants commenced on the ASIC Financial Advisers Register (FAR), but no new licensees for the second week in the row. 60 advisers affected by either resignations or appointments.
We take a deeper analysis into an alternative view of the financial adviser market which highlights that 25% of Boutique licensees, commenced post 2022.
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Key Adviser Movements For This Period
Net change of advisers (-3)
Current number of advisers 15,458
Net Change Calendar 2025 YTD (-15)
Net change 2025 YTD of +138 when excluding licensees that provide mostly limited SMSF advice
Net Change Financial YTD (2025/26) +286
Net change Financial YTD +301 when excluding licensees that provide mostly limited SMSF advice
24 Licensee Owners had net gains of 31 advisers
28 Licensee Owners had net losses for (-33) advisers
Zero new licensees and one ceased
6 new entrants
Number of advisers active in this period, appointed / resigned: 60.
Growth - Licensee Owners
WT Financial Group, continuing their growth surge this financial year, up by three. One new entrant and one switching from Advice Evolution, both joining Millennium 3. And one adviser who left Count Financial back in August joining Wealth Today
Canaccord Group also up by three, all three advisers switching from Morgan Stanley
Three licensee owners up by net 2:
Sherrin Partners with both advisers switching across from Rubiconem Pty Ltd
Merchant Wealth Partners (MBS Advice Licence), both advisers switching from ASVW Financial Services
Lifespan with one new entrant and one joining who was previously at Akumin Financial Planning.
20 licensee owners up by net one each, including Rhombus, Centrepoint and Bombora.
Losses - Licensee Owners
Count Limited down by net four advisers, appointing one adviser who switched from AdviceIQ Partners, five ceased, two from Count Financial, one from GPS Wealth, one from Merit Wealth - none appointed elsewhere to date. And one adviser from Paragem who has switched to EFG Advice Australia.
Daniel D’Ámoto (Rubiconem Pty Ltd), effectively ceasing (down to zero advisers), after both remaining advisers joined Sherrin Partners
FSSP Financial Services (Aware Super) also down by two, both advisers yet to be appointed elsewhere
A tail of 25 licensee owners down by one, including Industry Super Holdings, NTAA (SMSF Adviser Network) and AvalonFS.
Business Models - New Analysis
A few weeks ago, we shared a different look at the financial adviser market. We divided it by Licensee Owners into Boutiques (under 20 advisers), Large Licensees (over 150 advisers), Mid Licensees (20 to 150 advisers), Institutional/Salaried models (at least 20 advisers), and super funds (also at least 20 advisers). The biggest group was the Boutique model.
We received questions about how the new models have changed over time. Below, we show the new models and their changes since January 1, 2022. We excluded licensees mainly offering restricted advice for SMSFs because they are now small part of the market but have caused greatest losses recently. Also, this sector is expected to be the most affected when new education rules start on January 1, 2026 and likely to have little to no impact on the advice market.
Members can view this detail via updated Dashboard 6 of Adviser Fast Facts.
What the data highlights:
Back on Jan 1 2022, there were a total of 16,206 advisers across 1,690 individual licensees. The largest sector was the Large Licensee owner >150 with 5,648 advisers. Over this period of time, only five licensees ceased
Next largest on Jan 1 2022 was the Boutique model with 5,084 advisers across 1,525 licensees. Over this period of time, 280 licensees ceased.
Fast forward to today, the largest sector is the Boutique model with 5,419 advisers across 1,658 licensees. A total of414 new licensees were established or 25% of all licensees in this sector commenced post 2022.
The number of advisers in large licensee owners dropped to 4,697.
The number of advisers in super fund licensees with 20 or more advisers also dropped from717 to 625. This is despite large superannuation funds dominating growth over this period of time.
As noted last week, large licensee owners have shown strong growth over recent months, while the number of new licensees have slowed. It will be interesting to see if the tide has changed and to revisit the data as we kick off 2026, post the new educational requirements commencing.
Alternative view of business model change since Jan 1 2022 - Licensees offering mostly restricted SMSF advice removed.
