Data confirms adviser mobility between licensees
New analysis from Padua’s WealthData has confirmed just how mobile financial advisers really are when it comes to changing licensees.
WealthData principal, Colin Williams said that based on the number of times current advisers have been ‘appointed’ the following is the outcome:
- Super Funds have the highest average at 3.19
- The Mid Licensee Owners of between 20 to 150 advisers are next at 3.16, followed by boutiques at 2.83
- Large Licensee Owners at 2,61 and the Institutional /Salaried with the lowest average at 2.04. The total average is 2.77
Williams noted that Institutional/Salaried model advisers came in with the lowest score.
“This may in part be due to a lesser number of options for the advisers to switch licensees. The Super Funds sector is relatively high. This may be in part be due to mostly hiring experienced advisers as opposed to new entrants.
“Of interest, there are two current advisers who have been appointed 16 times. 27 advisers have been appointed more than 10 times,” Williams said.
Key Adviser Movements For This Period
- Net change of advisers +9
Current number of advisers 15,467
- Net Change Calendar 2025 YTD (-6)
- Net change 2025 YTD of +147 when excluding licensees that provide mostly limited SMSF advice
- Net Change Financial YTD (2025/26) +296
- Net change Financial YTD +311 when excluding licensees that provide mostly limited SMSF advice
- 28 Licensee Owners had net gains of 29 advisers
- 18 Licensee Owners had net losses for (-20) advisers
- Two new licensees and three ceased
- 15 new entrants
- Number of advisers active in this period, appointed / resigned: 62.
Growth – Licensee Owners
- Partners Wealth Group Pty up by net 2, both advisers being new entrants.
- 27 licensee owners up by net one each, including Morgans Group, Lifespan and Picture Wealth.
- Both new licensees commenced with only one adviser each.
Losses – Licensee Owners*
- Advice Exchange Solutions down by 2 advisers – One adviser switching to Wealthyer Advice Assurance and the other is yet to be appointed elsewhere.
- The G & A Hunter Family (Hunter Green) down by 2 advisers – Both advisers yet to be appointed elsewhere.
- 16 licensee owners lost one each, including Entierti & Akumin Group and Together Trustees Pty Ltd.
- The three licensees that closed only had one adviser each.
Mike, when are you going to stop ignoring wholesale advisers who are not registered on the FAR, given there are hundreds, if not thousands in the industry like me, who no longer advise retail clients yet are still fully authorised to give wholesale &/or sophisticated investors investment advice ?