The decline and fall of limited license advice numbers
It was once seen as the mechanism which would help drive up financial adviser numbers, but the accountant limited licensing regime is now down 88% from the peak it reached in 2018.
The latest analysis from WealthData’s Colin Williams said that the continuing decline in people working under limited licensing arrangements is actually distracting from more positive news about financial adviser numbers.
“The number of advisers giving general financial advice is growing. Although the total number of advisers this year has dropped by 79, this decline is mainly due to advisers offering only limited SMSF advice (like structure and contributions), mostly accountants who don’t provide full investment advice,” he said
“This limited advice model began in 2016 and grew to 2,787 advisers by 2018, but now there are just 339, an 88% drop. Many advisers in this group started their own AFSLs, but 502 AFSLs have closed since then. The largest licensee, SMSF Adviser Network, shrank from 1,083 to 149 advisers.
“Numbers for this limited advice group keep falling, down by 143 this year. If we leave out this group, other adviser types have actually grown by 64,” Williams said.
Key Adviser Movements for This Period
- Net change of advisers +22
- Current number of advisers 15,395
- Net Change Calendar 2025 YTD (-79)
- Net Change Financial YTD (2025/26) +216
- 35 Licensee Owners had net gains of 49 advisers
- 16 Licensee Owners had net losses for (-22) advisers
- 1 new licensee and one ceased
- 14 new entrants
- Number of advisers active in this period, appointed / resigned: 74.
Growth – Licensee Owners
- FSSP Financial Services (Aware Super), up by four advisers, all changing from different licensees, with three coming back into advice after a short break and one after being out of advice for over 12 months
- Cutcher & Neale Financial Services also up by four, all advisers are still currently authorised at BBB Financial Services which is also part of the Cutcher & Neale Group
- Partners Wealth Group up by three, all advisers switching from Mont Group (owned by Otwo Burswood)
- Six licensee owners up by net two each:
- WT Financial Group, both advisers previously at Lifespan with one coming back into advice after a break of several months
- Insight Management Partners, both advisers coming back into advice after a break of several years
- Halpin Wealth Partners with one new entrant and one adviser moving across from SA Wealth Solutions
- Entireti & Akumin gaining three advisers, two being new entrants and one adviser switching from Capstone, and one adviser ceased and not appointed elsewhere to date
- Count Ltd with both advisers being new entrants
- Catalpa Pty Ltd with both advisers switching across from Fintegrity Wealth Advisers owned by Sshhut Holdings
- A tail of 26 licensees up by net one including Sequoia, Insignia and the one new licensee
Losses – Licensee Owners
- Otwo Burswood Pty Ltd (Mont Group) down by three advisers, as mentioned above, moving across to Partners Wealth Group
- Three licensee owners down by two advisers each:
- Australian Administration Services (MUFG Retire360), both not appointed elsewhere to date
- Kilara Financial Solutions and both advisers not appointed elsewhere to date
- Picture Wealth, losing three advisers, none appointed elsewhere to date and appointing one adviser who has come back into advice after a break of several months
- Sshhut Holdings (Fintegrity Wealth Advisers), as mentioned above, both advisers switching to Catalpa
An accountant could either provide advice as a licensed adviser or:
(1) Provide advice unlicensed without any real chance of punishment; and
(2) Focus on a more profitable and easier profession in accounting
I know which two of these are more appealing.
Accountants worked out reasonably quickly how obscenely over regulated AFSL advice is, even for just strategic advice, not including investments.
Add in FARSEA, ASIC adviser exam, expensive PI, stupid CPD hrs and ethics, AFCA exposure, ASIC Levies & now CSLR. No way said 88% of accountants.
Why would they when ASIC has never busted 1 single accountant without and AFSL for bucket loads of AFSL advice all throughout the accounting world.