‘Boutique’ licensees account for a third of advisers

New data analysis has confirmed the degree to which the financial advice profession is now mostly the domain of small licensees.

The analysis, undertaken by Padua-owned, WealthData, has found that more than a third of working financial advisers are covered by a group of licensees with an average if 3.2 advisers.

The turnaround from the years in which the major banks played a role in financial planning and employed more than 50% of advisers has been dramatic with the so-called “institutional/salaried” segment accounting for just 23 licensees covering 11.7% of advisers.

WealthData principal, Colin Williams said this group which he describes as “boutique licensees” accounts for 35.92% of all advisers on the Financial Adviser Register (FAR) or 5,553 advisers

He said the next largest group is  large licensee owners with over 150 advisers accounting for 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,” he said.

Perhaps surprisingly, superannuation funds account for the smallest grouping, with just 12 licensee owners covering just 4.07% of all advisers.

Williams explained WealthData’s grouping of advice segments as follows:

• 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.

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.