Will 1 January education rules erode adviser numbers?

Mike Taylor

Managing Editor and Publisher

10 October 2025

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.