The past year has not only left many disheartened by looming regulatory change, it has left others on the brink of throwing in the towel.
Though for those small to mid-tier firms weathering the markets the best way they can, turning back to basics, take solace in the fact that the big guys are also doing it tough.
Figures from this year's annual IFA Dealer Group Survey found the year to 30 June has played havoc with many of the industry's large advisory firms as well as the aligned banking groups.
Banking giants Westpac, ANZ and Commonwealth Bank of Australia all experienced a substantial drop in adviser numbers since 30 June 2008.
Westpac's planning division took the largest beating, dropping 147 advisers.
Merger and acquisition activity as well as cost cutting of junior advisers is believed to be behind the staggering loss.
ANZ Financial Planning lost 67 advisers.
"We've made some changes to our business where we have made a number of positions redundant in the last few months, and that's really due to demand dropping away and a need to ensure we get our cost base set up appropriately," ANZ head of financial planning Alan Logan said in May.
"And that was a big call and a tough one to make, particularly when the whole financial services industry's growth is based on adviser numbers. So to make a decision to make some roles redundant is pretty tough. It's pretty tough on the people involved as well, but we felt that it was the right call to make."
Commonwealth Financial Planning's adviser numbers also took a dive with the firm losing 42 planners in the 12 months to 30 June.
Professional Investment Services (PIS) also suffered a drop in adviser numbers with the firm down 107 advisers from last year. However, despite the decrease, the firm still retained its position atop the survey.
The survey also found that new business was tough to come by for many Australian dealer groups, with funds under advice figures at record lows.
The past 12 months has also shaken up the leadership landscape, with close to 10 chief executives playing music chairs.
The survey also found a low number of advisers held certified financial planner (CFP) designations.
Even dealer groups with impressively high numbers of advisers, such as PIS, AMP Financial Planning and Millennium3, the number of CFP certified advisers within those firms was very low, according to the survey.
Much has changed in the past 12 months; we look forward to finding out how the industry fares in another year.
