A third of those passing the adviser exam choose not to practice

Mike Taylor

Managing Editor and Publisher

11 July 2025

In the wake of the latest financial adviser exam results, new analysis has revealed increasing numbers of people who have passed the exam but are choosing not to practice.

The WealthData analysis reveals that 5,096 people are now showing as having passed the exam but are choosing not to practice which is the equivalent of 33.31% of the active advisers.

WealthData principal, Colin Williams said this was up from 28.36% a year ago.

Williams also noted that the numbers who had passed the most recent adviser exam had yet to turn up of the Financial Adviser Register, albeit that there was a net change this week of 17.

157 candidates passed the exam, 20 fewer than the number who passed in March and eight less than in June 2024.

Key Adviser Movements For This Period

• Net change of advisers +17
• Current number of advisers at 15,315
• Net Change Calendar 2025 YTD (-158)*
• Net Change Financial YTD (2025/26) +122
• Net Change Financial Year 2024/25 (-150)
• 36 Licensee Owners had net gains of 47 advisers
• 23 Licensee Owners had net losses for (-36) advisers
• 3 and 1 ceased
• 16 new entrants
• Number of advisers active in this period, appointed / resigned: 94

*Note : Our business model Accounting – Limited Advice (mostly licensees limited to SMSF advice) is down (-133) for the calendar year, which equates to 84.2% of the total net losses.

Growth – Licensee Owners

• WT Financial Group up by net five with three advisers switching licensees from Charter (owned by Entireti & Akumin Group), Dependable Financial Advice and Lifespan. Two others coming back into advice after a short break.
• Count Limited up by net three, appointing four advisers including two new entrants and one each from Lifespan and Sheridans Financial. The adviser that left is not showing a being appointed elsewhere to date
• A new licensee up by net three with two advisers from Havana owned by O & Z Pty Ltd and one new entrant
• Three licensee owners up by net two:
  • United Super with one adviser from Synchron Advice owned by WT Financial Group and one adviser coming back after a long break
  • RGM Financial with both advisers moving from Akumin, part of the Entireti & Akumin Group.
  • Insignia Group with both advisers coming back after short breaks away from Bridges which is also owned by Insignia.
• A tail of 30 licensees up by net one including; Rhombus Advisory, Guideway and the two remaining new licensees.

Losses – Licensee Owners

• MWL Group down by six. One of the advisers was banned by ASIC earlier this week. Three more have left and yet to be appointed elsewhere and two have switched to Findex Group.
• Canny Wealth Services, down by three and now down to zero advisers. The advisers have now formally transferred to WPFP Group
• Entireti & Akumin Group also down by three after losing five advisers and gaining two
• Four licensee owners down by two:
  • FSSP Financial Services (Aware Super), both advisers not showing as appointed elsewhere
  • Kingsley Davidson and both advisers not showing as appointed elsewhere
  • O & Z Pty Ltd, as mentioned above, two advisers starting their own licensee
  • Trustee For Lat Family (Australian Financial Freedom). Both advisers are also authorised at Australian Financial Planning Group and are still current at this licensee.
• 16 down by net (-1) including Fiducian, Picture Wealth and Morgans Group.