Boutique advice firms – those with fewer than 20 advisers – are the dominant business model in the sector, according to new analysis of ASIC data by Padua Wealth Data.
Colin Williams, the company’s Wealth Data Manager, said the number of boutique licensees have overtaken large licensee groups for the first time.
Currently there are 5,419 advisers working across 1,658 boutique licensees, up from 5,084 advisers and 1,525 licensees in January 2022. ASIC data shows a quarter of all boutique licensees have entered the market since 2022.
Over the same period, adviser numbers at large licensees (up to 150 advisers) fell from 5,648 to 4,697 today.
Looking at the broader picture, the total number of advisers in the market stands at 15,458, three fewer than a week ago.
“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,” said Williams.
