Question mark hangs over 130 financial advisers
A question mark continues to hang over the future of 130 financial advisers in terms of their education qualifications and whether they are prepared to use the experienced pathway.
According to the latest analysis from Padua’s WealthData, those 130 advisers are logged on the Financial Adviser Register (FAR) as not meeting the 2026 education requirements but are yet to indicate their intentions with respect to the education pathway.
WealthData principal, Colin Williams noted that 114 of the advisers are the authorised representatives of licensees with less than 10 advisers.
Williams also noted as follows:
- 69 of the 130 advisers may be eligible for the EP
- 28 advisers have indicated they will not take up the EP but have no qualifications, was 36 advisers last week
- 66 advisers flagged for the EP took the FASEA exam after October 2022 and are therefore likely to be ineligible for the EP.
Key Adviser Movements for the week
- 15,138 current advisers
- Net change of advisers +2
- 23 licensee owners had net gains of 29 advisers
- 17 licensee owners had net losses of (-27) advisers
- 2 new licensees and 1 ceased
- 6 new entrants
- 59 advisers affected by appointments / resignations
Other key dates affected by this week’s data
- For calendar year 2025, total loss is currently showing (-394)
- Net change of (-141) when excluding licensees that provide mostly limited SMSF advice
- Net Change Calendar 2026 YTD +56*
- Net Change Financial YTD (2025/26) (-33)
- Net change of +79 when excluding licensees that provide mostly limited SMSF advice
*Note: Most losses backdated into 2025 and new appointments dated in 2026 hence a strong start to 2026.
Growth – Licensee Owners
- A new licensee (details given to members) commenced with three advisers who were previously at Shartru Wealth
- Four licensee owners up by two advisers each:
- TMS Private Wealth with adviser switching from Canaccord Group
- Centrepoint Group who also tipped over 600 advisers to be at 601, with one adviser each from Now Financial and FYG Planners
- Advice Evolution with both advisers switching from Interprac, owned by Sequoia
- Another new licensee with advisers also from Interprac
- A total of 18 licensee owners up by net one including Nextplan Financial, ART (Australian Retirement Trust)Group and ASVW Holdings.
Losses – Licensee Owners
- Shartru Wealth down by five, with three joining a new licensee and two more resigning and yet to be appointed elsewhere
- Cannaccord Group down by four, two joining TMS Private and two yet to be appointed elsehwere
- Three licensee owners down by two each:
- Hejaz Capital, neither appointed elsewhere
- Capstone Financial, neither appointed elsewhere
- Sequoia, both joining a new licensee.
- A short tail of just 12 licensee owners down by net one each including, Count Limited, SGN Financial and Templestone.
15,138 Advisers are the ATM for the flawed CSLR. Just don’t give personal advice anymore. Just provide General Advice.
Remember you can provide your client with stock tips, opinions, thoughts, suggestions etc. so long as you NEVER say to the client they should buy XXXX dollars worth or buy YYYY Qty of the underlying you are talking about. Keep your discussion general just like how a financial newspaper journo does with their published work. Sure its in the grey but the grey is legal.
Or how about be fully licensed and use your professionalism to fight back against rubbish policies by a rubbish Government.
I have no choice but to be in this camp.
Not going to cop out without a fight given how far we’ve come.
Good Luck Terry. Those who fight the tide often drown.Those who are able to change tact to navigate around or over the obstacle will flourish.
And all this adviser rot started under Liberal Govt’s so we’re doomed no matter who is in power
So you want to fight the tide because…???
Those who are able to change tack and navigate around the obstacle… have previously caused a bigger problem or obstacle for everybody else!! Just look at what happened with the banks from 2013.