Traditional EOFY adviser exits grow

Mike Taylor

Managing Editor and Publisher

19 June 2026

With just over a fortnight to go before the end of the financial year the number of advisers on the Financial Adviser Register (FAR) has slipped below the 15,100 mark with history suggesting the likelihood that it will fall further.

The latest analysis of the FAR data by Padua’s WealthData shows the just 15,099 advisers with a net reduction of 21 over the past week, with Sequoia Financial’s licensee InterPrac continuing to leak advisers.

WealthData principal, Colin Williams, noted that 71 advisers had been lost from FAR over the past three weeks and noted that, traditionally, the final few weeks of a financial year tended to give rise to a significant number of exits.

The data, while noting the loss of 71 advisers so far this financial year, also points to growth in calendar year to date terms – up 44.

Williams also noted impact of Picture Wealth Group’s acquisition of Capstone Financial Planning – something which he said lifted the combined group to being the seventh largest company in terms of adviser numbers.

Key Adviser Movements for the Week

• 15,099 current advisers
• Net change of advisers: (-21)
• New Entrants: 5
• Two new licensees and four ceased
• 19 licensee owners had net gains
• 31 licensee owners had net losses
• Net Change Calendar 2026 YTD: +44
• Net Change Financial Year 2025/26 YTD: (-71)
• Net change last 12 months: (-440)

Growth – Licensee Owners

Esencia Wealth up by four — all four joining together from Cove Private Wealth (see Losses), under Financial Planning.

AvalonFS up by two, both joining from Sequoia’s InterPrac Financial Planning licensee.

National Tax & Accountants’ Association up by two — a rare gain within the restricted SMSF / limited-advice space that has otherwise driven much of the year’s decline.

A tail of licensee owners up by net one each, including Picture Wealth Group (organic, separate from the Capstone acquisition above), Morgans Group, Shaw and Partners and Hewison & Associates.

Losses – Licensee Owners

Sequoia Group down by eight, all from InterPrac Financial Planning. One moved to Picture Wealth, two to AvalonFS and one set up their own licensee, while the remaining four are not yet reappointed. Sequoia now sits at 140 advisers, continuing its slide from 282 at the start of the year.

Cove Private Wealth down by four and reduced to zero advisers, with all four moving to Esencia Wealth (see Growth).

Four licensee owners down by two: NAB Bank, Lifespan, Private Wealth Partners Group and Rhombus Enterprises — with no immediate reappointments for all affected advisers.

A tail of licensee owners down by net one each, including Entireti & Akumin, Fiducian Financial Group and Daintree.