Adviser numbers at 5-year low
/At 30 June 2021 there were 19,382 financial advisers operating in Australia, with almost 9,000 advisers leaving the industry since 2018 - a loss of 30 per cent, according to Rainmaker Information’s latest Financial Adviser Report.
This is the first financial year since 2015 with numbers under 20,000. Licensees dropped from 2,125 to 1,907, a 10 per cent drop, out of which bank-owned licensees fell 40 per cent across the same period.
Large Australian financial services licensees are losing the most advisers. AFSLs with 1-2 advisers increased a tiny bit (0.6 per cent), while AFSLs with 3-10 advisers decreased by 4 per cent.
To 31 August 2021, 1,883 advisers left a practice, while 1,866 joined a practice, and 1,689 transferred from one practice to another. New legislation introductions correspond with the decline.
