Fewer advisers does not translate to less ASIC action
There are approximately 10,000 fewer financial advisers practicing in Australia today than the number registered in 2019, yet this is not being reflected in the level of disciplinary action being pursued by the Australian Securities and Investments Commission (ASIC).
New analysis from WealthData suggests that, at virtually the half-way mark through 2025, the number of disciplinary actions against financial advisers is running close to that of 2019.
WealthData principal, Colin Willaims said that, thus far, in 2025 there have been a total of 18 disciplinary actions – the highest number since 2021 which had a total of 23.
He noted that 2019 had generated the highest number of disciplinary actions at 34 and given the number of issues under scrutiny this year, that number might be reached or exceeded.
Williams said it was worth noting that In 2019, the total number of advisers on the ASIC Financial Adviser Register was significantly greater than today. 2019 started with 27,925 advisers and ended with 23,495. Currently, there are only 15,335 advisers on the FAR.
Key Adviser Movements For This Period
- Net change of advisers +16
- Current number of advisers at 15,355
- Net Change Calendar 2025 YTD (-117)
- Net Change Financial YTD (2025/26) +155
- Net Change Financial Year 2024/25 (-175)
- 32 Licensee Owners had net gains of 43 advisers
- 16 Licensee Owners had net losses for (-25) advisers
- 3 new licensees and zero ceased
- 10 new entrants
- Number of advisers active in this period, appointed / resigned: 62
Growth – Licensee Owners
- A new licensee commenced with four advisers who were previously at Fortnum Private Wealth owned by Entireti & Akumin (Details given to members)
- WT Financial Group with another good week, up by three including two new entrants and one adviser coming back into advice after a break of several years. WT Financial Group have had the strongest start of all licensee owners for the new financial year, up by +16 advisers
- Five licensee owners up by two:
- Walker Lane both advisers previously at ASV Financial Services
- PKF Wealth Newcastle, both being new entrants
- A new licensee, advisers previously at Advice Loop owned by Dean Financial Group
- Canaccord Group with both advisers leaving Bell Group
- Alteris Financial Group with one adviser leaving Australian Financial Freedom and the other from The Advice Exchange.
- A tail of 20 licensees up by net one including; Spark Financial Group, Picture Wealth and Centrepoint.
Losses – Licensee Owners
- Entireti & Akumin Group down by six, with four leaving to form a new licensee. Another three have exited but yet to be appointed elsewhere and gained one new entrant.
- Bell Financial Group down by two, as mentioned above, both joining Canaccord
- Sequoia Group also down by two, neither appointed elsewhere to date.
- A short tail of 11 down by net one each including Shaw and Partners and Advice Evolution.
“There are approximately 10,000 fewer financial advisers practicing in Australia today than the number registered in 2019.”
A large proportion of the 29K people on the adviser register from 2019 were not practising advisers. They got put on the register when standards were lower, to avoid the impending FASEA new entrant rules should they subsequently decide to become advisers. Most decided not to, and dropped off the register in following years. 2019 was a sudden unsustainable surge. Go back a few more years and the numbers were much lower. Comparing adviser numbers with the artificial peak in 2019 is misleading.