Adviser numbers plummet below 16,000

Mike Taylor

Managing Editor and Publisher

6 October 2022

Australian financial adviser numbers have fallen through the 16,000 benchmark, according to the latest analysis from WealthData.

295 financial advisers departed the Financial Adviser Register (FAR) this week.

The analysis reveals that the number of financial advisers now listed on the FAR stands at 15,908, showing that in year to date terms there has been a decline of 1,261 or 7.34%.

The catalyst for the further drop in adviser numbers was the last financial adviser exam which had a pass rate of 48%.

WealthData principal, Colin Williams said that his analysis showed that in the 12 months to 5 October, the number of advisers is down 2,950 or 15.64%.

WealthData and Financial Newswire are part of the Wealth Division of FST Media.