Major Decline in Adviser Numbers


A major decline in adviser numbers saw a net loss of 81 advisers, according to Wealth Data’s latest analysis with the firm’s Colin Williams saying this week’s numbers were “a bit of a surprise”.

Williams notes it may well be that many advisers are in the process of switching licensees.

Colin Williams.

“However, switching this late into the financial year tends to occur on the last working day of June (the adviser ceases), and then appointed at the new licensee on the first working day of July. Therefore, the numbers this week were a bit of a surprise.”

He adds that the net loss was compounded by the very small number of advisers being appointed.

Williams is expecting greater volatility in the current week as the movement of advisers over June 30 and July 1 will be captured in the data from ASIC.

…the negative numbers are being driven by a small sector of the adviser market…

He also points out that the negative numbers are being driven by a small sector of the adviser market – namely the Accounting – Limited Advice sector and the Super Funds.

Williams’s table shows that in the current financial year to date the largest business models that provide broad advice are currently all positive.

“The losses are mostly from the Accounting – Limited Advice sector -82. Licensees in this model restrict most of their advisers to SMSF advice (no investments). The Super Funds are also weighing down the numbers at -50.”

Losses By Business Models (Peer Groups). July 1, 2023 to June 27, 2024. Courtesy of Wealth Data

Williams also notes that the net  loss in the table at -40 is different to the actual net loss of -48. He says this variance occurs due to a few advisers who are authorised at more than one licensee and appear in more than one business model.


  1. Tucker Carlson said it beautifully last Monday night here in Melbourne when he described how Labor Party Government politicians (particularly our Prime Minister) are actually Australia's laziest people – with no legitimate skill set or trade of their own yet they ironically get to decide how the REAL WORKERS in Australia get to live their lives. There is no difference here with the damage they have caused although both Labor and Coalition politicians have had equal part in destroying this ONCE GREAT industry.

    The only genuine skill set these politicians have is being able to lie, cheat and steal their way into long term tax payer funded roles where they then PRETEND to know what they're doing (but don't) and interfere in matters they know nothing about.

    Every action has an equal or greater RE-action where significant consequences ensue and what we're seeing here is nothing more than a direct result of years of incompetence and conflicted interest actions playing out at the expense of an entire industry's personnel and every day Australians who need our help and advice.

    Will we ever recover? I doubt it.

    Politicians are useless and offer nothing positive for the money they steal from tax payers.

  2. It should come as no surprise that the numbers are continuing to drop and new entrants remain at such low numbers.

    Look at the solutions that keep arising and what they come up with, where the declining numbers of Advice practices have to pay the price with higher imposts due to the "surprising" reduction of Advisers.

    There was a cartoon where a slave galley had 14 managers sitting in the slave galley board room looking at the chart showing a reduction of profitability, even though they had reduced costs and they were all shocked and puzzled as to why their grand plan had not brought forth great fortunes.

    They had reduced the numbers of slaves who did the rowing by 99% and the one remaining slave, for some strange reason was unable to keep up the pace.

    The lesson that any kindergarten child would understand, is that if you make it too hard for the people who ACTUALLY create the revenue to sustain the ship, then when the tide turns and the rowers exit, the ship starts going backwards.

    We are reaching the point where a room full of participants are mostly the slave galley managers and it is becoming a game of "spot Wally the Adviser" who actually pays for the game, yet is not included in any of the activities.

    All Western Countries have been hijacked by the elites who tell us all what we should be doing, charging us all a fortune for their rules and when the SH-T hits the fan, their solution is to add MORE unworkable rules.

  3. 6 days after this article was written (today) ASIC announced the onerous adviser fees for 2024/25. This, added to the unnecessary red tape and compliance, constantly changing rules and general government over-reach with ridiculous costs of doing business and I feel completely justified in pulling the plug back in '21 by selling up and leaving this steaming hot mess of an industry. As we all know, it was once a wonderful career but sadly under the current supervision it is doomed to die by 2026. I pity the hapless new advisers who haven't a clue about what they've joined. I don't know how many new 'risk' advisers have joined as the press for some reason chooses not to report that number but if there are any they too are not long for this world of over-reach.

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