Adviser Movement Insights 12 Months to June 11, 2026
Adviser Numbers Decreased By 439 For 12 months to June 11, 2026
With the end of the financial year in sight, we've put together a summary of the past 12 months to today, along with some indicators of what may happen over the coming weeks.
We've taken this approach because the same window a year ag to the end of June and the start of July 2025 was highly instructive. As the data shows, this period can be very volatile as many advisers use 30 June as an exit point, whether to retire or to switch licensees, often by establishing their own AFSL.
Key Data Points across the 12 months
Number of advisers today: 15,120
Number of advisers a year ago: 15,559
Net variance: (-439)
For perspective, the Financial Year to Date figure sits at (-49)
That headline number masks a far more eventful year. Broken into its key phases:
During the last two weeks of June 2025, the net number of advisers fell by 374 as advisers exited around year-end.
Many re-commenced in July at a new licensee. The first two weeks of July 2025 added a net +163, a solid rebound, but well short of the 374 who left, leaving the critical four-week changeover at a net -211.
From 1 July to 15 December 2025, net growth was solid at +219 (the July rebound above was its fast start).
From 15 December 2025 to 15 January 2026, numbers slumped by 330, driven by the new education requirement taking effect for 2026, a big number, but much less than widely anticipated.
From 15 January 2026 to today, numbers have been steady, increasing by 32.
A closer look by business model
The figures above are a compilation of all adviser types. Splitting them by our business models tells a sharper story.
State of Financial Adviser Market By Business Models - Last 12 months to June 11, 2026
One comparatively small cohort has done most of the damage. The model we refer to as Accounting – Limited Advice — licensees providing limited or restricted SMSF advice fell by a net 281 over the 12 months, a decline of around 63%. That single sector accounts for 64% of the total market loss of 439, despite having represented less than 3% of all advisers at the start of the period (445 of 15,559 as at 11 June 2025).
New licensees and new entrants
The number of new licensees is exactly 100. However, 120 ceased over the period, giving a net loss of 20.
Excluding the Accounting – Limited Advice model, new licensees would still be 100, but closures fall by 33 to 87, turning the net into +13.
Of the 100 new licensees, 61 have only one adviser, 19 have two, 14 have three to four, and six have between five and nine.
Over the period, 546 new entrants commenced and remain current on the ASIC FAR, 3.61% of the total number of current advisers.
Change of Advisers at Licensee Owners
The chart below highlights top five most growth and loss by licensee over the period.
Top Five Gains and Losses For The Last 12 Months by Licensee Owners
At the licensee-owner level, the standout gainer over the 12 months was Phillip Alexander (Gill and Co), up a net 23, followed by WT Financial Group (+17) and Ord Minnett Group (+14), with Partners Wealth Group (+13) and Bell Financial Group (+12) rounding out the top five.
The losses have been driven by two key events. First, Sequoia (-178) has been heavily affected by departures at InterPrac, widely reported in the media in connection with the First Guardian and Shield Master Fund matters; many of those advisers have since been reappointed elsewhere.
Second, the reduction of advisers providing restricted or limited SMSF advice: both National Tax & Accounting (SMSF Adviser Network, -154) and Count via Merit Wealth (-104) have been heavily impacted, and Count has recently withdrawn from providing such services.
What can we expect over the next few weeks
As last year's experience shows and to some degree, what has already happened in June to date, we can expect a fair bit of volatility. Some key areas to watch:
There are only 164 advisers left in the Accounting – Limited Advice model, and there is a strong possibility many will call it a day come 30 June.
Expect a high number of adviser resignations by 30 June. As above, the net change for the last two weeks of June 2025 was -374. We don't expect it to be as steep this June, but the behaviour of the Accounting – Limited Advice cohort will, in many ways, determine how heavy it looks.
The June resignations will be split, many opting for retirement, others using the end of the financial year to switch licensees.
Licensees closing: expect more small licensees to close, but on the flip side, expect strong growth in new licensees through July.
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