Industry funds leaking members to SMSFs
New analysis has confirmed that industry superannuation funds are increasingly leaking high balance members to the self-managed superannuation funds (SMSF) sector.
The analysis, based on the latest Australian Prudential Regulation Authority (APRA) data and conducted by Padua’s WealthData reveals that industry funds have lost more than $7.2 billion to the SMSF sector over the past 12 months.
As the attached graphic shows, the amount flowing to SMSFs form industry funds has quadrupled since the last quarter of 2022.
Commenting on the trend, WealthData principal, Colin Williams said it appeared to reflect the maturing of industry funds and the preparedness of high balance members to establish SMSFs .
However, he noted that retail funds had managed to reduce the level of outflows over the same period.
“The rolling 12 month total for Q1 2024 for Industry Funds was $78.96b and (-$5.69b for Retail Funds, a gap of over $84.65b. Fast forward to Q4 2025 and the gap has narrowed to $36.39b, with Industry Funds at $59.46b and Retail at $23.07b,” Williams said.
On the broader question of financial adviser numbers, WealthData latest analysis delivered the following:
Key Adviser Movements for the week
- 15,127 current advisers
- Net change of advisers (-8)
- 18 licensee owners had net gains of 23 advisers
- 25 licensee owners had net losses of (-31) advisers
- 4 new licensees (one recommencing) and 5 ceased
- 4 new entrants
- 60 advisers affected by appointments / resignations.
Other key dates affected by this week’s data
- Net Change Calendar 2026 YTD +66
- Net Change Financial YTD (2025/26) (-44)
- Net change last 12 months (-442).
Growth – Licensee Owners
- A new licensee commenced with four advisers – details given to members – The advisers were previously at Consultum owned by Rhombus Enterprises
- Another new licensee commenced with two advisers, both advisers previously at Interprac owned by Sequoia
- Strategic Financial Partners increased by two, one one adviser switching from Count Limited and the other from MW Grouping Pty Ltd
- A total of 15 licensee owners up by net one including: Capstone, Nextplan Financial and Lifestyle Asset Management. The two remaining new licensees commenced with one adviser each, with one adviser coming back into financial planning after last being authorised in 2019.
Losses – Licensee Owners
- Six licensee owners down by net two each and unless stated, not appointed elsewhere: including:
- Insignia Group, one each from Bridges and Shadforth
- Morgans Group
- NSW Complete Financial Services Group
- O & Z Pty Ltd (Havana Financial Services), one adviser starting their own licensee and the other not appointed elsewhere
- Thi Quynh Trang Nguyen (Consilium Advice)
- WT Financial Group
- A tail of 19 licensee owners down by net one each including Centrepoint Group, Lifespan and ART Group.
On the broader question of financial adviser numbers, WealthData latest analysis delivered the following:
Key Adviser Movements for the week
- 15,127 current advisers
- Net change of advisers (-8)
- 18 licensee owners had net gains of 23 advisers
- 25 licensee owners had net losses of (-31) advisers
- 4 new licensees (one recommencing) and 5 ceased
- 4 new entrants
- 60 advisers affected by appointments / resignations.
Other key dates affected by this week’s data
- Net Change Calendar 2026 YTD +66
- Net Change Financial YTD (2025/26) (-44)
- Net change last 12 months (-442).
Growth – Licensee Owners
- A new licensee commenced with four advisers – details given to members – The advisers were previously at Consultum owned by Rhombus Enterprises
- Another new licensee commenced with two advisers, both advisers previously at Interprac owned by Sequoia
- Strategic Financial Partners increased by two, one one adviser switching from Count Limited and the other from MW Grouping Pty Ltd
- A total of 15 licensee owners up by net one including: Capstone, Nextplan Financial and Lifestyle Asset Management. The two remaining new licensees commenced with one adviser each, with one adviser coming back into financial planning after last being authorised in 2019.
Losses – Licensee Owners
- Six licensee owners down by net two each and unless stated, not appointed elsewhere: including:
- Insignia Group, one each from Bridges and Shadforth
- Morgans Group
- NSW Complete Financial Services Group
- O & Z Pty Ltd (Havana Financial Services), one adviser starting their own licensee and the other not appointed elsewhere
- Thi Quynh Trang Nguyen (Consilium Advice)
- WT Financial Group
- A tail of 19 licensee owners down by net one each including Centrepoint Group, Lifespan and ART Group.
On the broader question of financial adviser numbers, WealthData latest analysis delivered the following:
Key Adviser Movements for the week
- 15,127 current advisers
- Net change of advisers (-8)
- 18 licensee owners had net gains of 23 advisers
- 25 licensee owners had net losses of (-31) advisers
- 4 new licensees (one recommencing) and 5 ceased
- 4 new entrants
- 60 advisers affected by appointments / resignations.
Other key dates affected by this week’s data
- Net Change Calendar 2026 YTD +66
- Net Change Financial YTD (2025/26) (-44)
- Net change last 12 months (-442).
Growth – Licensee Owners
- A new licensee commenced with four advisers – details given to members – The advisers were previously at Consultum owned by Rhombus Enterprises
- Another new licensee commenced with two advisers, both advisers previously at Interprac owned by Sequoia
- Strategic Financial Partners increased by two, one one adviser switching from Count Limited and the other from MW Grouping Pty Ltd
- A total of 15 licensee owners up by net one including: Capstone, Nextplan Financial and Lifestyle Asset Management. The two remaining new licensees commenced with one adviser each, with one adviser coming back into financial planning after last being authorised in 2019.
Losses – Licensee Owners
- Six licensee owners down by net two each and unless stated, not appointed elsewhere: including:
- Insignia Group, one each from Bridges and Shadforth
- Morgans Group
- NSW Complete Financial Services Group
- O & Z Pty Ltd (Havana Financial Services), one adviser starting their own licensee and the other not appointed elsewhere
- Thi Quynh Trang Nguyen (Consilium Advice)
- WT Financial Group
- A tail of 19 licensee owners down by net one each including Centrepoint Group, Lifespan and ART Group.
ISFs refuse to meet the 3 day SuperStream roll over rules, especially to SMSFs.
ISFs continue to act as if it is their money and not their members money.
Will ASIC or APRA do anything about the 3 day roll over rules failures ? No it’s ISF they can do what they want.
It’s not the SMSF that creates the difference, it’s the addition of real comprehensive , and unbiased advice that creates the difference in results for SMSF clients.
I bet only a small portion of SMSF’s are receiving real advice. The returns are probably tied up with unlicensed advice/ property spruiking/ DIY, investing in property under SMSF, and the subsequent rise in prices.