Adviser numbers lag despite new entrants

Financial adviser numbers continue to struggle to regain momentum, with the latest analysis from Padua’s WealthData revealing the first net loss in adviser numbers since the start of the new financial year.

WealthData principal, Colin Williams said financial adviser numbers dropped by a net four this week while, at the same time, five licensees ceased and only one new licensee joined the Financial Adviser Register (FAR).

He noted that while 10 new entrants were added to the FAR, this was offset by the loss of 14 more experienced advisers.

Key Adviser Movements For This Period

• Net change of advisers (-4)
• Current number of advisers 15,407
• Net Change Calendar 2025 YTD (-67)
• Net Change Financial YTD (2025/26) +232
• 27 Licensee Owners had net gains of 36 advisers
• 31 Licensee Owners had net losses for (-41) advisers
• 1 new licensees and (-5) ceased
• 10 new entrants
• Number of advisers active in this period, appointed / resigned: 95.

Growth – Licensee Owners

• Entireti & Akumin Group up by seven after appointing eight and losing one. The appointments include two new entrants, two advisers from Wealthmed Financial and the others are all from different licensees
• Three licensee owners up by two
  • WT Financial Group, gaining one adviser from Picture Wealth and another from Associated Concepts
  • Thi Quynh Trang Nguyen (Consilium Advice) gaining one adviser from Fintegrity Wealth Advisers and another adviser coming back after a break.
  • Infocus with one adviser switching from Cobalt and another from Capella Advisory
• A tail of 23 licensee owners up by net one including Sequoia Group, Lifespan and Morgans Group.

Note: There was significant movement of advisers across licensees controlled by Focus Partners Australia Group. They consolidated advisers into licensees, mostly Brady & Associates advisers into Focus Partners Wealth, and offsetting advisers who were authorised at more than one licensee under their control. Two licensees, Brady and Associates and Alpha Asset Management, were closed (reduced to zero advisers). The group as a whole, is showing to be down by just one adviser.

Losses – Licensee Owners

• Three licensee owners down by net three each:
  • AD Financial Services with two advisers joining Alliance Wealth owned by Centrepoint Group and one yet to be appointed elsewhere
  • MWL Group after having their MWL Financial Services Pty Ltd AFSL cancelled but do have one remaining AFSL, MW Planning
  • Aset Wealth Management – currently showing down by three.
• Four licensee owners down by two:
  • AZ Next Generation (Wealthmed Financial) with advisers joining Fortnum Advice part of Entireti & Akumin
  • Lifestyle Asset Management and both advisers not appointed elsewhere to date
  • Morgan Stanley and both advisers not appointed elsewhere to date
  • O & Z Pty Ltd (Havana Financial Services), one adviser joining Billingham Advisers and the other yet to be appointed elsewhere
• A tail of 24 down by net one each including Count Limited, Findex and Focus Partners Australia Group.