Adviser Numbers Drop in Australia


Adviser numbers in Australia are down by 0.26% (81) to 15,581 according to Wealth Data’s latest analysis.

The firm’s Colin Williams notes the change may be down to advisers switching licensees.

“However, switching this late into the financial year tends to occur on the last working day of June (the adviser ceases), and then appointed at the new licensee on the first working day of July,” he says. “Therefore, the numbers this week were a bit of a surprise.”

He adds the net loss was compounded by the small number of advisers being appointed (116).

Williams also points out the result is driven by a small sector of the adviser market – namely the accounting, limited advice sector, and the Super Funds.