Adviser numbers defy education cliff
The so-called financial adviser ‘education cliff’ has not proved as steep as many expected, with new analysis from Padua’s WealthData showing that the profession has lost just 440 advisers over the past 12 months.
The total number of advisers now sits at 15,145 with numbers on the Financial Adviser Register (FAR) down by five advisers this week, in circumstances where 14 new entrants partially offset the exit of 51 advisers.
WealthData principal, Colin Williams acknowledged that the loss of 440 advisers since the start of December, last year, is less than anticipated but noted that the market remains volatile albeit that the worst appears to have passed.
“This week’s numbers show the adviser market is still volatile. Earlier projections of much larger losses were based on ASIC’s ‘point in time’ data showing many advisers without required qualifications and not applying for the Experienced Pathway (EP),” Williams said.
He said that as late as November 20 the situation looked dire, but many advisers updated their records in recent weeks.
Williams said that, using ASIC’s weekly point-in-time data from January 8, 2026 and today’s ASIC FAR:
- 213 advisers still show no qualifications meeting the 2026 standards.
- 78 of those may be eligible for the Experienced Pathway.
- 66 advisers flagged for the Experienced Pathway took the FASEA Exam after October 2022 and are therefore likely to be ineligible for the EP.
“The worst appears to have passed, but resolving qualification issues for many advisers will likely take some time. Qualifications listed as counting toward 2026 in ASIC’s data may not meet the full 2026 criteria, which are complex and assessed by licensees,” he said.
Key Adviser Movements for the week
- Current number of advisers 15,145
- Net change of advisers (-5)
- 35 Licensee Owners had net gains of 47 advisers
- 20 Licensee Owners had net losses for (-51) advisers
- 5 new licensees (1 recommenced), and 26 ceased
- 14 new entrants
- 103 advisers affected by appointments / resignations.
Other key dates affected by this week’s data.
- For Calendar year 2025, total loss is currently showing (-368)
- Net change of (-123) when excluding licensees that provide mostly limited SMSF advice
- Net Change Calendar 2026 YTD +40*
- Net Change Financial YTD (2025/26) (-26)
- Net change of +80 when excluding licensees that provide mostly limited SMSF advice
*Note: Most losses backdated into 2025 and new appointments dated in 2026 hence a strong start to 2026.
Growth – Licensee Owners
- Count Limited up by five, three being new entrants at Count Financial and GPS Wealth picking up three advisers, two coming back after a break of a few months and one switching from Wealth Today owned by WT Financial Group. They lost one adviser from Paragem who has not been appointed elsewhere.
- WT Financial Group up by four, two being new entrants at Wealth Today. Wealth today also picked up one adviser from Templestone and Millennium 3 gained one adviser from AIA Financial services.
- Lifespan up by 3, two advisers switching from Interprac owned by Sequoia and one advisers joining from Charter owned by Entireti & Akumin Group.
- Three groups up by two advisers:
- Entireti & Akumin Group, gained three advisers with one re-joining after an 18 month break, another ‘internal’ switching after a short 2 week break and another joining from SFDS Pty Ltd. Lost one adviser to Lifespan.
- Centrepoint Group gained three advisers, one each from Interprac, Gallagher Benefit Services and one adviser back after a short break. lost one adviser to Shartru.
- Capstone Financial Planning picking up one adviser each from Millennium 3 and Count Financial
- A tail of 29 licensee owners up by net one including Fiducian, Morgans Group and Rhombus Enterprises. All five new licensees commenced with one adviser each.
Losses – Licensee Owners. Note: Few of the advisers have been listed as being appointed elsewhere
- NTAA – (SMSF Advisers Network) – down by (-21) None appointed elsewhere. This is a licensee that offers a restricted services for mostly SMSF advice.
- Sequoia Group down by (-6), three noted above joining Lifespan, one joining Gallagher Benefit Services and two not yet appointed elsewhere.
- HCM Trading Holdings (Hoxton Capital) down by (-4), none appointed elsewhere to date
- Three license owners down by two each:
- FSSSP Financial Services (Aware Super), neither appointed elsewhere
- IA Advice – neither appointed elsewhere
- Troy Daniel Mahoney (Australia National Investment Group) – neither appointed elsewhere
- And a short tail of 14 down by one including Findex Group, Industry Super Holdings and Templestone Financial.
30 day cut off not reached yet
Union super will be very disappointed. Fewer than expected of their hated “enemies” have left, and the dubious rationale for legalising union super’s “backpacker advisers” is further undermined.