Super funds losing advisers ahead of DBFO

Industry superannuation funds may be perceived as being amongst the winners from the Delivering Better Financial Outcomes (DBFO) legislation, yet the number of advisers employed by super funds is in decline.

New analysis from WealthData reveals that while the number of advisers joining holistic advice firms over the past financial year has been rising models, the number of advisers working for industry funds has been in declined.

WealthData principal, Colin Williams said that that this financial year, business models focused on holistic and investment advice have grown by just over 2%. In contrast, the Super Fund model, mainly large industry funds, has lost 10 advisers (1.47%).

He said the Accounting – Limited Advice model (mostly providing SMSF advice) has lost the most at 63 advisers (12.23%).

The analysis came as this week emerged as one of the most negative for movements on the Financial Adviser Register (FAR) so far this year with a net loss of 1`8 advisrs, the largest loss since the end of 2024.

Williams said the loss of 18, along with nine lost last week, has pulled the number of advisers on the FAR back below 15,600 to 15,598.

Key Adviser Movements For This Period

• Net change of advisers (-18)
• Current number of advisers at 15,589
• Net Change Calendar 2025 YTD +111
• Net Change Financial YTD +244
• 24 Licensee Owners had net gains of 25 advisers
• 28 Licensee Owners had net losses for (-40) advisers
• One new licensees and three ceased
• Five New entrants
• Number of advisers active in this period, appointed / resigned: 71.

Growth – Licensee Owners

• A new licensee commenced with two advisers. Both advisers are still authorised at their original licensee which appears to be connected to the broader business.

• 23 licensees owners up by plus one including Sequoia, Findex and Spark Financial Group.

Losses – Licensee Owners

• Macquarie Group down by seven. The majority of the losses appear to hold positions that are support based services to advisers.
• Count Limited down by three, losing two advisers at GPS Wealth and one adviser each at Merit and Paragem. None of the four have been reappointed elsewhere. They gained one adviser at Count who was previously Fortnum, owned by Entireti.
• Four licensee owners down by two each:
  • Entireti and Akumin Group, losing four advisers two from Akumin and one each from Hillross and and Fortnum. Gained two advisers, one at Akumin who came back after a short break from Charter and one adviser at Charter who was previously with First Financial
  • Exelsuper Advice with the licensee now down to zero advisers. Both advisers have not been reappointed elsewhere
  • FSSP Financial Services (Aware Super) and both advisers have not been appointed elsewhere
  • Merchant Wealth Partners and both have not been appointed elsewhere.
• A tail of 22 licensee owners down by net one each including Lifespan, Morgans and Shaw and Partners.