Fewer than 5000 will use experienced pathway
Just under a third of financial advisers are intending to use the experienced pathway bit there exists confusion amongst some about whether they are actually qualified to do so.
New analysis by WealthData of recently released datasets on the Financial Adviser Register (FAR) has revealed the level of confusion which appears to exist on the part of some advisers while, at the same time, confirming, the value of the pathway to others.
WealthData principal, Colin Williams points out that to qualify for the experienced pathway advisers have to have started in the profession before 31 December, 2011, and that among those falling into that category the following has emerged:
- 4,493 said yes to using EP
- 1,944 said no
- 2,590 have not stated their intention
“Additionally, 218 advisers who started after 2012 claimed they will use EP, which indicates that ASIC data could be incorrect or advisers have made some errors or a bit of both,” Williams said.
He noted that 47 advisers said they would use EP but missed the deadline for passing the Financial Adviser Exam of October 2022 in order to qualify for the EP.
Key Adviser Movements For This Period
- Net change of advisers +15
- Current number of advisers 15,410
- Net Change Calendar 2025 YTD (-64)
- Net Change Financial YTD (2025/26) +232
- 28 Licensee Owners had net gains of 33 advisers
- 14 Licensee Owners had net losses for (-17) advisers
- 1 new licensee and none ceased
- 16 new entrants
- Number of advisers active in this period, appointed / resigned: 58.
Growth – Licensee Owners
- Five licensee owners up by net two:
- Sshhut Holding Pty Ltd both being new entrants
- Ord Minnett Group, one new entrant and one adviser who was previously at Perpetual
- New Licensee, both adviser still authorised at what appears to be an associated licensee
- Endevavor Asset Management, both being new entrants
- Count Limited, hiring four advisers and losing two. Count Financial appointed one new entrant and one adviser returning to Count, and losing one adviser who is yet to be appointed elsewhere. GPS Wealth hired two advisers from Aware Super and lost one adviser to Financial Design Group.
- A tail of 23 licensees up by net one including WT Financial Group, Spark Partnership and rhombus.
Losses – Licensee Owners
- Three licensee owners down by net two each:
- Morgans Group, one adviser switching to Lionsgate and the other is yet to be appointed elsewhere.
- Sequoia with one adviser switching to Trend Investor Services and the other who commenced his one licensee a couple of weeks back.
- Mancell Family Trust (FYG Planners), one switching to Insight Investment Services and the other yet to be appointed elsewhere.
- A short tail of 11 down by net one each including Insignia, Shaw and Partners and Entireti & Akumin Group.
FARSEA was implemented so poorly or purposely, with the intention to kill many Advisers.
It did it’s job seeing Adviser numbers drop 45% in 5 years.
So a very significant number of Experienced Advisers (non degree educated) sold up and left.
3 or 4 years post FARSEA start, Jones achieved 1 thing in his term and brought in the Ex Pathway to save some Advisers from exiting.
But thanks to FARSEA, LIF, ASIC Levies, Stopping Grandfathered Comms, etc it was too late for many.
Now Canberra says,
“But we have millions of people wanting to retire, there are not enough financial advisers.
Let’s get some uneducated, unqualified ISF owned backpackers to do the job. And we will pay them via HIDDEN COMMISSIONS, called Collective Charges (as we outlawed commissions)”
Good.
If they don’t want to take us towards a profession we are better off without them
Yeah, I agree about the move to being a profession.
However, I’m deeply concerned about the NCA scope of advice as currently put.
That has to be one of the biggest jokes around. Why did we bother doing Masters Degrees when there is a risk that single product APL, collectively charged complex advice will be delivered by Trustee agents with low education and zero experience?
One of the most disgusting slaps in the face ever to come out of Canberra. Diabolical.
That is a very valid point
And you think ISF sales agent BackPackers called Advisers is going help the profession ?
Fewer than 5000 is still around 1/3
I think the experience pathway is an abomination on the road to professionalism.
I could have used it but I took the many years given to us and did the hard yards
Good work mate, many of us were already degree qualified, plus specialist trained professionals long before FARSEA.
The problem was a 60 or 65 year old with great experience had not enough time left to justify the study. Economically it didn’t make sense to start uni that old.
As a risk specialist of 36 years I saw the writing on the wall in 2019/20 so I called it in 2021, sold up and retired. All the bad things I thought that would happen in the industry have over the past 5 years.Best thing I’ve ever done – should have done it even 5 years earlier. The industry was on the path to true professionalism but had the wind knocked well and truly out of those chances with the idiocy of politicians, life company exec greed/shortsightedness, unnecessary red tape and over burdensome compliance. I miss my clients but I reckon I’ve extended my life by at least 10 years with the stress reduction. If you can . . . do it!
Besides the typical moronic Canberra ever increasing and changing BS mass over regulation & compliance.
It’s a dam good time to be an adviser.
Enjoy retirement 🙂
Thanks! 🙂