DBFO uncertainty plays on adviser movement

Mike Taylor

Managing Editor and Publisher

23 May 2025

Mild levels of adviser churn between licensees has remained the broad trend in the financial planning sector as financial advice firms and superannuation funds await the final shape of the Government’s Delivering Better Financial Outcomes (DBFO) approach.

The relative stability in numbers is being attributed, in part, to decisions which will be made based on the legislative and regulatory definitions distinguishing the new class of adviser.

This appears particularly to be the case in circumstances where recent WealthData analysis has pointed to an actual decline in the number of advisers being employed by superannuation funds.

The latest analysis from WealthData reveals a relatively stable picture with total financial adviser numbers still hovering around 15,600 but with numbers on the Financial Adviser Register (FAR) in positive territory for both the calendar year to date and the financial year to date.

The data also points to continuing movement of advisers around AZ-NGA’s Akumin and Entireti as the dust settles around the 2024 acquisition of the AMP Licenses.

Key Adviser Movements For This Period

• Net change of advisers +12
• Current number of advisers at 15,601
• Net Change Calendar 2025 YTD +123
• Net Change Financial YTD +256
• 26 Licensee Owners had net gains of 29 advisers
• 16 Licensee Owners had net losses for (-23) advisers
• Two new licensees and one ceased
• Seven New entrants
• Number of advisers active in this period, appointed / resigned: 64.

Growth – Licensee Owners
Three licensee owners up by two advisers each:

• Licensee owner Troy Daniel Mahoney (Australia National Investment Group), both advisers switching across from Morgans
• A new licensee commenced with two advisers. Both advisers switching from Exelsuper Advice
• FSSSP Financial Services (Aware Super), one adviser each from Finex Wealth and Guideway Financial Services.
• 23 licensees owners up by plus one including Picture Wealth, Findex and Beryllium Advisers.

Losses – Licensee Owners

• Entireti & Akumin Group down by six, with five advisers having moved during March and April this year to PSK Advisory Services.
• Centrepoint down by two and neither adviser is yet to be appointed elsewhere
• Count Limited also down by two, one each from Count and Merit Wealth and neither have been appointed elsewhere,
• A tail of just 13 licensee owners down by net one each including Lifespan, Morgan Stanley and Sequoia.