Less than a third (30%) of advisers or 14,487 are authorised to provide advice on life risk products.
Aware Financial Services with 204 and Commonwealth Financial Planning with 203 risk advisers have the largest market share in the risk advice segment.
Lifespan Financial, GWM Adviser and Capstone Financial are the fastest-growing licensees, each adding 29, 31 and 56 advisers respectively over the period. Bank-owned AFSLs continue to experience the largest fall in adviser numbers.
The report also found that bank and institutionally aligned platforms are highly favoured among advisers.
Colonial FirstChoice tops the chart, housing 10,072 advisers with an 11% market share.
AMP Flexible Lifetime (6876), Perpetual WealthFocus (5992), Asgard (5477) and BT Wrap (5208) make up the top five most-used platforms.
Outside of the major platforms, Netwealth owns the biggest market share at 2.5% with 2371 advisers, while HUB24 has 1790 advisers and a 1.9% market share.
During the March 2021 quarter, there were 538 adviser registrations with advice licensees while 1017 ceased registrations.
The inclusion of superannuation administration fees in the Your Future, Your Super performance benchmark will not punish funds that reduced fees in recent years, according to minister for superannuation Jane Hume.