Super funds shift to digital advice

Recent analysis shows adviser numbers linked to super fund AFSLs fell from 687 in March 2021 to 501 in March 2026, a 27% decline over five years, according to Rainmaker Information’s Financial Adviser Report.

This downward trend has continued more recently, with super fund advisers declining from 546 in March 2025 to 505 in March 2026—a net fall of 41 advisers (-7.5% year on year).

As at March 2026, super fund advisers accounted for roughly 3.3% of all advisers.

This contraction comes despite strong growth elsewhere in the industry superannuation landscape, with combined membership rising 43% from 3.6 million to 5.2 million, and funds under management doubling from $530 billion to around $1 trillion over the same period.

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Concurrently, around 13.3 million member accounts are now either in, or otherwise approaching, key life-stages where financial advice becomes increasingly critical, including approximately five million accounts already in retirement and a further 8.3 million in pre‑retirement cohorts.

In the five years to March 2026, ASIC‑registered financial advisers fell from 20,667 to 15,157, a net reduction of 5,510 advisers (−26.7% overall).

“This widening gap between supply and demand for financial advice is placing pressure on traditional face‑to‑face models, which are increasingly unable to scale to meet volume of members’ requirements,” said Dr David Gallagher, executive director of research at Rainmaker Information.

In response, super funds are pivoting toward hybrid financial advice frameworks – ones that combine both digital and human-facing engagement.

Early digital solutions focused on intra‑fund advice—such as investment choice, contributions and insurance—and funds are now expanding these capabilities through internal investment and partnerships with external providers.

Across the wider sector, digital advice has been transitioning from a niche offering toward a core engagement channel, which is designed to deliver accessible, scalable and cost‑effective financial guidance to millions of members.

“As the system continues to grow, technology‑enabled advice models are expected to play a central role in closing the advice gap and supporting members at scale,” said Dr Gallagher.