Adviser numbers slump below 15,300
The number of advisers on the Financial Adviser Register (FAR) slumped dramatically this week reflecting the impact of end of financial year decisions.
According to the latest analysis from WealthData, 190 advisers departed the FAR this week bringing the total loss for the 2024/25 financial year to 136 and losses for the month of June to 359.
However, WealthData principal, Colin Williams noted that numbers remained extremely fluid with many advisers in transition between licensees.
“It seems likely that many of the advisers appearing to be losses will reappear over coming weeks,” he said.
“That said, the number of advisers whose status has changed on the FAR this week is 403 which is exceptional because a normal week usually involves between 80 and 100 advisers,” Williams said.
Key Adviser Movements For This Period
- Net change of advisers (-190)
- Current number of advisers at 15,298
- Net Change Calendar 2025 YTD (-177)* See note below
- Net Change Financial YTD (2026/26) +89
- Net Change Financial Year 2024/25 (-136)
- 42 Licensee Owners had net gains of 71 advisers
- 104 Licensee Owners had net losses for (-257) advisers
- Seven new licensees and eleven ceased
- 18 new entrants
- Number of advisers active in this period, appointed / resigned: 403.
*Our business model Accounting – Limited Advice (mostly limited SMSF advice) is down (-132) for the year representing a loss of 27.39%. The number of advisers remaining in this model is only 350.
Growth – Licensee Owners
- Guideway up by eight
- A new licensee commenced with four
- WPFP Group also up by 4
- Three firms up by three including another new licensee and ASV Holdings
- 10 firms up by two including Ord Minnett and Janus Financial
- A tail of 26 licensees p by net one including; Practice Development Group, Boston Reed and five new licensees.
Losses – Licensee Owners
- NTAA (SMSF Adviser Network) down by (-59). This firm provides mostly limited SMSF advice
- Count Limited down by (-19) with 10 leaving Merit Wealth that provides mostly limited SMSF advice
- Entireti & Akumin Group down by (-12)
- Sequoia down by (-10)
- Rhombus by (-7)
- Australian Administration Services by (-6)
- Accession3 and Lifespan down by (-5)
- Three firms down by (-4) including Industry Super Fund Holdings
- Five groups down by (-3) including Spark Partnership and Beryllium Advisers
- 19 down by (-2) including Evan Dixon and Morgans Group
- A very long tail of 69 firms down by net (-1) including Oreana, Shaw and Partners, and LFG Financial Services.
This is so embarrassing for our industry, shows the ones making the decisions can’t get it right. Nothing about those numbers is promising
Not embarrassing for Advisers.
Total failure of Canberra Pollies and Bureaucrats.
Or is it a constructed plan, so nearly all Australians have no option besides call center, union owned ISF sales “advice”.
Got it one !! Well done It’s been a constructed ploy for years
And yet when I look on Seek there’s barely any decent jobs for advisers out there
In my view – Pretty much everything Canberra has touched in the advice space has been total disaster.
All the SMSF advisers handing in their license does is reduce their paperwork.
Sure they will keep plowing on as normal