The number of financial advisers in Australia has been declining for the past few years, and the latest data from the Australian Securities and Investments Commission (ASIC) shows that the trend is continuing.
As of December 2023, there were 15,677 ASIC-registered financial advisers in Australia, down from 15,807 at the start of the year. This represents a net loss of 130 financial advisers over the year to date, or a decline of 1%.
The latest data on the number of financial advisers is available in an interactive visual below.
The decline in the number of financial advisers is being driven by a number of factors, including:
- The increasing complexity of the financial advice industry. Financial advisers are required to have a high level of knowledge and expertise in order to provide their clients with sound financial advice. This complexity has increased in recent years, due to changes in legislation and regulation, as well as the introduction of new financial products and services.
- The increasing cost of compliance. Financial advisers are subject to a number of compliance requirements, which can be costly to meet. This is particularly challenging for small financial advice businesses.
- The aging demographic of financial advisers. The average age of a financial adviser in Australia is over 50. This means that a significant number of financial advisers are approaching retirement age.
The decline in the number of financial advisers is a concern for the Australian financial services industry. Financial advice can play an important role in helping people to achieve their financial goals, and it is important that there is a sufficient number of qualified financial advisers to meet the needs of the community.
Data sourced and adapted from ASIC's Financial Advisers Register, licensed under the Creative Commons Attribution 3.0 Australia Licence.
