EOFY adviser reality – 439 down in 12 months

Mike Taylor

Managing Editor and Publisher

12 June 2026

Hopes that financial adviser numbers may have settled and begun to grow in 2026 have been undermined by the reality that, in financial year to date terms, numbers on the Financial Adviser Register (FAR) are down 439 for the 12 months to yesterday (11 June).

The latest analysis from Padua’s WealthData confirms just how challenging the profession remains for financial advisers as a result of factors such as the fall-out from the collapse of Shield and First Guardian and the new education requirements.

The one bright spot appears to be that most of the losses occurred before the start of the 2026 calendar year and there has been a modest uptick of 32 advisers since January.

WealthData principal, Colin Williams points out that precisely 12 months’ ago there were 15,559 advisers on the FAR and today there are just 15,120 with the possibility of further exits by 30 June.

WealthData’s analysis points to the following findings:

• During the last two weeks of June 2025, the net number of advisers fell by 374 as advisers exited around year-end.
• Many re-commenced in July at a new licensee. The first two weeks of July 2025 added a net +163, a solid rebound, but well short of the 374 who left, leaving the critical four-week changeover at a net -211.
• From 1 July to 15 December 2025, net growth was solid at +219 (the July rebound above was its fast start).
• From 15 December 2025 to 15 January 2026, numbers slumped by 330, driven by the new education requirement taking effect for 2026, a big number, but much less than widely anticipated.
• From 15 January 2026 to today, numbers have been steady, increasing by 32.

Key Adviser Movements for the Week

• 15,120 current advisers
• Net change of advisers: (-15)
• New Entrants: 2
• 16 licensee owners had net gains
• 23 licensee owners had net losses
• 1 new licensee commenced – Details given to members
• 1 licensee reduced to zero advisers (Noble Rock Partners)
• Net Change Calendar 2026 YTD: +66
• Net Change Financial Year 2025/26 YTD: (-49)
• Net change last 12 months: (-439)

Growth – Licensee Owners

• New Licensee commenced with three — formed by advisers moving across together from Beryllium Advisers (see Losses)
• Phillip Alexander (Gill and Co Advisory) up by two for the week, both joining from Sequoia’s InterPrac Financial Planning licensee. That extends a standout run for the year: Gill and Co is now the fastest-growing licensee owner for 2026, up a net 17 advisers, with most having switched across from InterPrac.
• A long tail of licensee owners up by net one each, including Findex Group, AvalonFS, Stanford Brown Group, Industry Super Holdings and GPG — the last two each taking one of the week’s new entrants.

Losses – Licensee Owners

• Macquarie Group down by four, with none of the departing advisers yet reappointed elsewhere.
• Sequoia Group down by four, all from InterPrac Financial Planning. Two moved to Gill and Co Advisory (above), while the other two are not yet reappointed. Sequoia now sits at 148 advisers, continuing its slide from 282 at the start of the year.
• Rhombus Enterprises down by three, none yet reappointed.
• Beryllium Advisers down by three — all three departed to establish the new licensee
• Centrepoint Group down by two.
• Noble Rock Partners reduced to zero advisers.
• A tail of licensee owners down by net one each, including Infocus Group, Lifespan and Mercer.