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Financial Planning

Adviser numbers fall below 20k

The number of authorised financial advisers has officially dipped to 19,922, declining about 11% compared to this time last year.

As at June 3, Rainmaker analysis of ASIC's Financial Adviser Register shows that there are currently 2144 active AFSLs. This is compared to 2175 this time last year, then home to 22,307 advisers.

Consultum Financial Planning, which is part of IOOF, saw a net addition of 188 advisers to the group during the period, bringing its total to 385.

AMP Financial Planning netted 304 exits, paring down its representatives from 1038 to 734.

The SMSF Advisers Network (SAN) has the largest book of advisers at 763, but over the period farewelled 98.

SAN is operated by the National Tax and Accountants' Association (NTAA) and provides a licensing solution for accountants to enable them to offer self-managed super funds and superannuation advice.

The top 10 licensees also comprise: Morgans Financial (487), Synchronised Business Services (472), Charter Financial Planning (427), Interprac Financial Planning (301), Merit Wealth (275), Lifespan Financial Planning (270) and Capstone Financial Planning (269).

Read more: AMP Financial PlanningASICCapstone Financial PlanningCharter Financial PlanningConsultum Financial PlanningFinancial Adviser RegisterInterprac Financial PlanningIOOFLifespan Financial PlanningMerit WealthMorgans FinancialSMSF Advisers NetworkSynchronised Business Services