As the year progresses, the 2025 calendar year logs a total loss of 158 advisers, while the previous financial year saw a decrease of 150 advisers. However, these figures remain tentative as backdated adjustments could alter them further. This week, the Financial Advisers Register (FAR) welcomed 17 new advisers, with ASIC revealing that 66% of the 237 candidates passed the adviser exam conducted in June. This reflects renewed interest and a fresh influx of professionals into the industry.
The landscape of licensee ownership also shifted notably; 36 licensee owners collectively gained 47 advisers, while 23 lost a total of 36 advisers. Among the gainers, WT Financial, increased by five advisers, including some switching from Charter, Dependable Financial Advice and Lifespan, alongside two returning after a hiatus. Count Financial expanded by three advisers, incorporating two new entrants and acquiring advisers from Lifespan and Sheridan Financial. However, they also reported the loss of one adviser.
Further changes saw a new licensee grow by three advisers, absorbing two from Havana (owned by O&Z) and one new entrant. Additional gains were reported by three licensee owners who added two advisers each, with another 30 licensees gaining one adviser apiece.
Conversely, some firms experienced losses. MWL Group's advisor count fell by six, largely due to adviser transfers to WPFP Group. Canny Group and Akumin also saw reductions of three advisors each. MWL Group's downturn was compounded by ASIC's recent banning of two advisers for providing unsuitable advice related to the Shield Master Fund.
Overall, four licensees, including Kingsley Davidson, FSSP Financial Services (part of Aware Super), and O&Z, reduced their numbers by two. Additionally, 16 licensees experienced a decrease of one adviser each.
This change in adviser numbers highlights the evolving dynamics within Australia's financial advisory industry. The increase in adviser registrations, particularly following ASIC's exam results, points to a promising resurgence in industry participation. However, the fluctuation in adviser numbers suggests a continually competitive environment, challenging firms to maintain and grow their talent.
Looking ahead, the industry may expect further adjustments as both newly qualified advisers and experienced talent navigate the sector's evolving landscape. Observers will keenly watch how firms adapt to ongoing regulatory changes and market demands. It remains crucial for financial institutions to focus on retaining skilled advisers and ensuring compliance with ASIC's regulations to safeguard consumer interests and maintain market integrity.
