Will 1 January education rules erode adviser numbers?
Financial adviser numbers are still below those of a year ago as the profession heads into what is being predicted to be an unstable last quarter of the year.
The principal of Padua’s Wealth Insights, Colin Williams noted that the last quarter of the year was likely to be more volatile than usual because of the looming new education rules that come into effect from 1 January, next year.
Williams pointed to the fact that the number of advisers on the Financial Adviser Register as at 30 September stood at 15,428 compared to the same time last year when it stood at 15,501.
WT Financial Group had the biggest gain in adviser numbers, up by 24 to be at 526 advisers. Guideway Financial Services at 12, followed by Count Limited at 11 and Rhombus at 10. Lifespan and and Centrepoint at 9 each
Williams noted that five of the six biggest gainers were large licensee owners, with four offering multiple licensees under their ownership
Out of 24 new licensees, 12 had just one adviser, and five shared the highest number with four advisers each
As for largest losses, Williams said MWL Group was down by (-10), followed by Sequoia at (-8) and AD Financial Services at (-6)
Key Adviser Movements For This Period
- Net change of advisers +6
- Current number of advisers 15,446
- Net Change Calendar 2025 YTD (-26)
- Net Change Financial YTD (2025/26) +274
- 25 Licensee Owners had net gains of 26 advisers
- 20 Licensee Owners had net losses for (-21) advisers
- Zero new licensees and zero ceased
- 17 new entrants
- Number of advisers active in this period, appointed / resigned: 53.
Growth – Licensee Owners
- Arrive Capital gained two advisers, both new entrants
- A tail of 24 licensee owners up by net one including Viridian, Rhombus, Perpetual and Count Limited.
Losses – Licensee Owners
- Oracle Investment Group down by two and both advisers have not appointed elsewhere to date.
- A long 19 Licensee owners down by one each including Industry Super Holdings, Insignia and Koda Capital.
January 1 rules will erode the number of peope on the FAR, but it won’t significantly erode the number of practising advisers.
There will be about 1,000 paraplanners, compliance officers, customer service representatives, responsible managers, and BDMs who fall off the FAR on 1 Jan. But hardly any practising advisers.
The number of practising advsers who don’t qualify for the experience pathway AND chose not to meet the education requirements AND decided to stick around until 1 Jan 2026 regardless, is tiny.
Based on what data??
I know two that sold out based on Jan 1st 2026 years ago. They are both practising advisers as employees. Whilst this is purely anecdotal does it have more statistical relevance than your claim?
So you reckon 1,000 paraplanners, compliance officers, customer service representatives, responsible managers, and BDMs have continued on FAR, regardless of having many years of ASIC Levies paid, for the love of being double taxed by ASIC and also paid several CSLR Levies, because again they love paying extra taxation levies.
Doesn’t pass the pub test matee