Number of SMSFs per adviser climbs to new high

According to new figures from Wealth Data, the number of self-managed super funds (SMSFs) per adviser climbed to 38.04 at the end of the third quarter of 2022, compared to a low of 20.35 at the end of 2018.

The increase has been steady over the quarters since hitting the 20.35 low, climbing incrementally each year to reach 36.1 at the start of 2022, while at the same time the number of advisers in the industry dipped to below 16,000.

Wealth Data also revealed that net assets per adviser have more than doubled from a low of $22.26 million at the end of 2018 to $53.91 million in the first quarter of 2022, before dipping slightly to $52.5 million in the third quarter of this year.

Over that time, the number of SMSFs has not changed significantly, showing only a steady rise across most years.

As for the number of advisers currently operating in the industry, that figure shrank by a further 10 to 15,854 in the week to 8 December.

PSK continued its growth with seven advisers moving across from Charter. UniSuper snagged six new advisers from Industry Fund Services, while United Super moved up by three from three different licensees.

Conversely, AMP Group was down by 17, losing 20 advisers while appointing three. Wealth Data revealed that of the 20 losses at AMP, 15 have switched elsewhere.