‘Tsunami’ of retirees set to triple adviser demand by 2055

Adviser Ratings’ 2025 Australian Financial Advice Landscape Report projects that adviser numbers must climb from 15,500 today to more than 50,000 over the next three decades.

The challenge stems from what Marshan Consulting founder Ben Marshan described as a demographic “tsunami”, with the retiree population forecast to swell from 7.8 million to 16 million – a 105 per cent increase.

“More critically, the fastest-growing segments will be those aged 65–74 (up 108 per cent) and 75 and older (up 164 per cent),” Marshan said.

“Both groups will be deep into the drawdown and decumulation phase, where complex financial decisions become paramount.”

Even now, demand outstrips supply. Just 1.2 million Australians aged 55 and over currently receive financial advice, yet the average adviser manages between 100 and 130 clients – stretching the profession’s capacity.

Adding to the strain is the looming retirement of advisers themselves.

Fradley Advice’s Nathan Fradley warned that “half of the current cohort” is expected to exit the workforce within 15 years.

“That gap cannot be filled solely by university graduates and career changers moving through an NCA role,” he said.

Both Marshan and Fradley pointed to skilled migration as a key lever.

Marshan noted the government’s recognition of advisers on the Skills Priority List and the Core Skills Occupation List as a “critical development for the profession”. He also backed the Financial Advice Association Australia’s proposal to award five points on the skilled migration test for completing the mandatory professional year, saying it could help attract overseas talent.

“Advisers who migrate to Australia bring years of practical experience in client engagement, investment strategy, navigating market turmoil, and empathetic communication,” Fradley said.

Migrant advisers, particularly those who are multilingual, will also be able to service Australia’s continually growing multicultural community.

Speaking with ifa in August, Marin Wealth managing director Pedro Marin, an adviser who immigrated from Venezuela, highlighted that one of the largest gaps he has noticed in advice is a lack of non-English speaking Australians seeking advice, due to a lack of advisers available to them.

“Finding someone that speaks a specific language or is fully bilingual, it’s really hard. We’re already struggling to find talent that speak English,” Marin stated.

“All of which are essential to delivering quality advice. Many already know this is the career they want, and with the right bridging support, they can contribute enormously to a business while completing their local qualifications.”

But the path to international recruitment is fraught, with Marshan highlighting the cost and time needed to train overseas advisers, which discourages firms from pursuing it.

“A 2024 survey found that 47 per cent of employers were unwilling to sponsor overseas workers due to the costs and administrative burdens associated with it,” Marshan said.

Fradley added that “at present, the educational requirements would make this difficult to implement at scale”.

He added: “If we want migration to play a meaningful role, we need regulatory pathways that uphold professional standards while also recognising prior experience.”