This animation shows how the structure of the industry has changed since December 2018, when the number of financial advisers on the ASIC financial advisers register peaked (at just over 28,000).

The analysis highlights how the influence of the Top Tier of licensees has waned as the Large and Medium tiers have grown. But it also illustrates starkly how significant the exodus of advisers from the industry has been, with the number of individuals collected under the “Advisers left the industry” heading has become the largest segment.

Select a date under the “Group by…” menu to see how the distribution of advisers between licensee tiers has changed over time.

Data animation created by Shitong Chen