The total number of registered financial advisers increased by 10% in the 12 months to March 2017, and non-institutionally-aligned dealer groups captured more than 70% of this growth, according to Rainmaker research.
While institutionally-aligned licensees still represent 65% of the country's financial advisers, the research suggests this figure may drop in the coming years, attributing it primarily to FoFA putting "regulatory and fiduciary onus on individual financial advisers."
"These trends signal the beginning of a fundamental restructuring of the financial advice market, with significant implications for product distribution if this leads to a weakening in the power of established gatekeepers," the report said.
The fastest-growing of these non-insto groups are Merit Wealth, GPS Wealth (recently acquired by Easton Investments), Dover Financial, Interprac, Capstone, Akambo, Synchron, Politis, Unison Wealth Management and Hunter Green.
Overall, the largest licensees are AMP Financial Planning, Charter Financial Planning, SMSF Advisers Network, Commonwealth Financial Planning, Count Financial, Westpac, GWM Adviser Services, Morgans Financial, NAB and Synchron.