Adviser exam generates 17 new entrants

The number of people who have passed the latest financial adviser exam has had an impact on financial adviser numbers, with 17 new entrants to the Financial Adviser Register (FAR).

The latest analysis from Padua’s WealthData noted the new entrants in the context of 152 candidates passing the latest exam with an average pass mark of 69%.

It found that in the three exams for 2025, 699 candidates sat the exam and 486 passed. In the same period for 2024, a greater number had taken the exam at 764, with 518 passes, 32 more than 2025.

WealthData principal, Colin Williams noted that, to date, 20,546 candidates have past the exam, but only 15,387 advisers were active, a difference of 5,159. In August 2024, this gap was 4,355, an increase of 804.

“The 5,159 who passed but aren’t practicing equals 33.53% of active advisers, up from 28.13% in August 2024,” he said.

Key Adviser Movements For This Period

• Net change of advisers 10
• Current number of advisers 15,417
• Net Change Calendar 2025 YTD (-57)
• Net Change Financial YTD (2025/26) +242
• 30 Licensee Owners had net gains of 34 advisers
• 21 Licensee Owners had net losses for (-25) advisers
• Zero new licensees and (-4) ceased
• 17 new entrants
• Number of advisers active in this period, appointed / resigned: 65.

Growth – Licensee Owners

• Aset Wealth Management are showing growth of plus three. This is somewhat of an ‘accidental’ growth, with advisers switching within their AFSL and crossing the ‘cut off’ reporting dates. Last week they were showing minus three. In real terms there has been no actual growth during September for Aset Wealth Management
• Ord Minnett Group up by two, with one adviser switching from Morgan Stanley and the other rejoining after a break of three years
• Morgans Group also up by two with both advisers switching from GPS Wealth Ltd owned by Count Limited
• A long tail of 27 licensee owners up by net one including Lifespan, Oreana and Solomons Wealth Management. Most this growth driven by new entrants.

Losses – Licensee Owners

• Bank of Queensland down by three and now down to zero advisers, none of the advisers have been appointed elsewhere to date
• Count Limited down by two, as mentioned above, both advisers moving to Morgans Financial
• Step Up Financial Group down by two and also down to zero advisers, both advisers now authorised at Australian Financial Planning Group
• 18Licensee owners down by one each including Infocus, River X Financial Services and Sequoia.