Micro-AFSLs v large licensees: who leads the way?

Wealth Data Colin Williams adviser numbers

18 August 2023
| By Jasmine Siljic |
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Wealth Data has revealed that over 40 per cent of the advice profession are at licensees with more than 100 advisers. 

While recent industry research suggests that micro-AFSLs are gaining greater popularity than larger licensees, major firms still dominate in the number of advisers, says Wealth Data founder Colin Williams.

Some 41.2 per cent of advisers work at licensees with greater than 100 advisers. 


Moving down in size, 24 per cent of advisers are at licensees of between 20 and 99 advisers, and 27.1 per cent of the industry work at micro-AFSLs with less than 10 advisers.

However, Williams noted the number of advisers at micro-AFSLs has risen from 568 licensees in 2019 to 869 in 2023, a rise of 301.


“It’s difficult to know exactly ‘where’ financial planning models are heading, let alone if we have reached a destination. All the data tends to suggest that self-licensed models or micro-AFSLs, as we like to refer to them, have definitely shaken up traditional models,” Williams commented.

The weekly data to 17 August saw a net change of two advisers, representing a net change of -87 for this calendar year. This week’s growth was underpinned by a total of 14 new entrants joining the profession. 

The current number of advisers sits at 15,713.

Some 21 licensee owners had net gains for 28 advisers. 

Notably, Insignia was up by seven advisers, which included three new entrants alongside four advisers moving from different licensees. Six out of the seven commenced at Consultum while the remaining adviser began at Millennium3.

Kaizen Wealth had an increase of two, both new entrants, and a tail of 19 licensee owners were up by net one each including Shaw and Partners, Fitzpatricks, Fiducian, Shartru and the one new licensee.

When looking at losses, 20 licensees had decreased by 25 advisers in total.

Count Group and Diverger Group both decreased by three advisers, and DFS No 1 (My Fortress) was down by two advisers, though both are yet to be appointed elsewhere yet.

Finally, 17 licensee owners lost one adviser each, including AIA Company, Castleguard Trust (Lifespan) and Macquarie Group.

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