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Smaller, privately-owned licensees dominate in numbers but not advisers

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9 February 2024 by Chris Dastoor, Professional Planner

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Just over four out five Australian financial services licensees permitted to give personal advice to retail clients have fewer than 10 advisers, illustrating how disjointed the licensee landscape has become.

The latest quarterly Adviser Ratings ‘Musical Chairs’ report found 81.5 per cent (1518 of 1863 AFSLs) are privately-owned and have fewer than 10 advisers.

The report said that during the last quarter of last year new licensee registrations outpaced voluntary closures. There were 17 new licensees established by solo advisers, and 13 licensees set up with two to five advisers.


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