Financial Adviser Market Insights, October 23, 2025
Adviser Numbers Increased By +19 For The Week, Moving From 15,441 To 15,460
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A good week of growth, up by +19 along with three new licensees, and includes 14 new entrants onto the ASIC Financial Adviser Register. A total of 66 advisers affected by resignations / appointments.
Breakdown of the financial adviser market - This week we provide an alternative view of the financial adviser market. Boutiques are the new normal. Details below.
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Key Adviser Movements For This Period
Net change of advisers +19
Current number of advisers 15,460
Net Change Calendar 2025 YTD (-13)
Net Change Financial YTD (2025/26) +287
32 Licensee Owners had net gains of 41 advisers
17 Licensee Owners had net losses for (-20) advisers
Three new licensees and one ceased
14 new entrants
Number of advisers active in this period, appointed / resigned: 66.
Growth - Licensee Owners
Industry Super Holdings who provide advisers for some industry super funds, up four. Three of the advisers coming back into advice after fairly long breaks ranging from nine moths to nine years
Diego Fernando Carrasco (Capital Haus Financial Services) up by four and bringing total advisers to five. Two the advisers are currently also authorised at Axiis Capital. The other two advisers coming back into advice after a short break
Three licensee owners up by net two:
SGN Financial, both being new entrants
New licensee with both advisers switching from Just Financial
Canaccord Group, both being new entrants.
A long tail of 27 licensee owners up by net one including Rhombus, Centrepoint and the remaining two new licensees.
Losses - Licensee Owners
Three licensee owners down by two:
Anthony Trovato (Just Financial) , as mentioned above, both commencing in a new licensee
ART Group Services (Australian Retirement Trust), both advisers have not been appointed elsewhere to date
Wilsons Holding Company, both advisers not showing as being appointed elsewhere to date.
Only 14 licensee owners down by one, including Count Limited, Oreana and Sequoia Group.
Different Perspective on the Financial Adviser Market
Not all advisers, licensees, or licensee owners are the same. Each aims to serve different client groups in their own way. The chart below shows another way to look at the market.
We grouped licensee owners by the number of advisers they have, along with data on advisers per licensee and their experience. The groups are:
Boutique: Firms with fewer than 20 advisers. If a licensee has fewer than 20 advisers but is owned by a group with more than 20, it’s not counted here. Includes all advice types.
Large Licensee Owner >150: Firms with over 150 advisers, often spread across several licensees they own. Advisers usually work in practices that operate like independent businesses under licensee
Mid Licensee Owner, 20–150: Similar structure but with 20 to 150 advisers.
Institutional / Salaried: Firms mostly employing salaried advisers. This excludes super funds and licensees with fewer than 20 advisers.
Super Funds: Mainly industry super funds with at least 20 advisers. Also includes groups like Industry Fund Services that provide advisers / services to super funds.
The data highlight the following:
The largest segment is ‘Boutique’ with 5,553 advisers or 35.92% of all advisers. This group is mostly made up of very small licensees with an average of 3.2 advisers per licensee. A total of 1,730 licensee owners and 1,749 licensees or 92.44% of all licensees.
Large licensee owners with over 150 advisers is next largest with 4,886 advisers or 31.6% of all advisers. There are only 11 licensee owners in this group who own 32 licensees. The average number of advisers per licensee is at 152.7
Mid licensee owners, a total of 59 who own 75 licensees. The group has 17.16% of all advisers
Institutional / Salaried - only 17 in this group who control 23 licensees and 11.71% of all advisers.
Super Funds - The smallest grouping of just 12 licensee owners and 4.07% of all advisers.
Experience - Despite the variances in the grouping, the level of experience as measured by the percentage of advisers with 10 or more years experience, is similar across all groups. The range is from 62% for Super Funds to 69.6% for large licensee owners of 150+advisers.
A breakdown of the Financial Adviser market - Dashboard 10 of License Deep Dive.
