The rise and rise of boutique advice AFSLs

New analysis has confirmed how ‘boutique’ financial advice licensees (those with fewer than 20 advisers) have grown over the past three years to dominate the profession over the past three years via the establishment of 414 new licenses.

The analysis, undertaken by Padua’s WealthData has revealed that while the number of boutiques has grown since 2022 the number of advisers employed under large licensee owners has dropped.

The bottom line, according to WealthData principal, Colin Williams, is that boutiques now account for 5,419 advisers while the large licensees account for just 4,629.

“The number of advisers in super fund licensees with 20 or more advisers also dropped from 717 to 625. This is despite large superannuation funds dominating growth over this period of time,” Williams said.

Key Adviser Movements for This Period

• Net change of advisers (-3)
• Current number of advisers 15,458
• Net Change Calendar 2025 YTD (-15)
  • Net change 2025 YTD of +138 when excluding licensees that provide mostly limited SMSF advice
• Net Change Financial YTD (2025/26) +286
  • Net change Financial YTD +301 when excluding licensees that provide mostly limited SMSF advice
• 24 Licensee Owners had net gains of 31 advisers
• 28 Licensee Owners had net losses for (-33) advisers
• Zero new licensees and one ceased
• 6 new entrants
• Number of advisers active in this period, appointed / resigned: 60.

Growth – Licensee Owners

• WT Financial Group, continuing their growth surge this financial year, up by three. One new entrant and one switching from Advice Evolution, both joining Millenium 3. And one adviser who left Count Financial back in August joining Wealth Today
• Canaccord Group also up by three, all three advisers switching from Morgans Stanley
• Three licensee owners up by net 2:
  • Sherrin Partners with both advisers switching across from Rubiconem Pty Ltd
  • Merchant Wealth Partners (MBS Advice Licence), both advisers switching from ASVW Financial Services
  • Lifespan with one new entrant and one joining who was previously at Akumin Financial Planning.
• 20 licensee owners up by net one each, including Rhombus, Centrepoint and Bombora.

Losses – Licensee Owners

• Count Limited down by net four advisers, appointing one adviser who switched from AdviceIQ Partners, five ceased, two from Count Financial, one from GPS Wealth, one from Merit Wealth – none appointed elsewhere to date. And one adviser from Paragem who has switched to EFG Advice Australia.
• Daniel DÁmoto (Rubconem Pty Ltd), effectively ceasing (down to zero advisers), after both remaining advisers joined Sherrin Partners
• FSSP Financial Services (Aware Super) also down by two, both advisers yet to be appointed elsewhere
• A tail of 25 licensee owners down by one, including Industry Super Holdings, NTAA (SMSF Adviser Network) and AvalonFS.