The decline and fall of limited license advice | Australian Markets

It was as soon as seen because the mechanism which might help drive up financial adviser numbers, however the accountant limited licensing regime is now down 88% from the height it reached in 2018.

The latest evaluation from WealthInformation’s Colin Williams stated that the persevering with decline in people working underneath limited licensing preparations is definitely distracting from more optimistic news about financial adviser numbers.

“The number of advisers giving general financial advice is growing. Although the total number of advisers this year has dropped by 79, this decline is mainly due to advisers offering only limited SMSF advice (like structure and contributions), mostly accountants who don’t provide full investment advice,” he stated

“This limited advice model started in 2016 and grew to 2,787 advisers by 2018, however now there are simply 339, an 88% drop. Many advisers on this group began their own AFSLs, however 502 AFSLs have closed since then. The largest licensee, SMSF Adviser Network, shrank from 1,083 to 149 advisers.

“Numbers for this limited advice group keep falling, down by 143 this year. If we leave out this group, other adviser types have actually grown by 64,” Williams stated.

Key Adviser Movements for This Period

• Net change of advisers +22
• Current quantity of advisers 15,395
• Net Change Calendar 2025 YTD (-79)
• Net Change Financial YTD (2025/26) +216
• 35 Licensee Owners had internet positive aspects of 49 advisers
• 16 Licensee Owners had internet losses for (-22) advisers
• 1 new licensee and one ceased
• 14 new entrants
• Number of advisers lively on this period, appointed / resigned: 74.

Growth – Licensee Owners

• FSSP Financial Services (Aware Super), up by 4 advisers, all altering from completely different licensees, with three coming back into advice after a short break and one after being out of advice for over 12 months
• Cutcher & Neale Financial Services additionally up by 4, all advisers are nonetheless at present authorised at BBB Financial Services which can also be half of the Cutcher & Neale Group
• Partners Wealth Group up by three, all advisers switching from Mont Group (owned by Otwo Burswood)
• Six licensee homeowners up by internet two every:
  • WT Financial Group, each advisers beforehand at Lifespan with one coming back into advice after a break of a number of months
  • Insight Management Partners, each advisers coming back into advice after a break of a number of years
  • Halpin Wealth Partners with one new entrant and one adviser transferring throughout from SA Wealth Solutions
  • Entireti & Akumin gaining three advisers, two being new entrants and one adviser switching from Capstone, and one adviser ceased and not appointed elsewhere so far
  • Count Ltd with each advisers being new entrants
  • Catalpa Pty Ltd with each advisers switching throughout from Fintegrity Wealth Advisers owned by Sshhut Holdings
• A tail of 26 licensees up by internet one together with Sequoia, Insignia and the one new licensee

Losses – Licensee Owners

• Otwo Burswood Pty Ltd (Mont Group) down by three advisers, as talked about above, transferring throughout to Partners Wealth Group
• Three licensee homeowners down by two advisers every:
  • Australian Administration Services (MUFG Retire360), each not appointed elsewhere so far
  • Kilara Financial Solutions and each advisers not appointed elsewhere so far
  • Picture Wealth, dropping three advisers, none appointed elsewhere so far and appointing one adviser who has come back into advice after a break of a number of months
  • Sshhut Holdings (Fintegrity Wealth Advisers), as talked about above, each advisers switching to Catalpa