After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers.
In this week’s Padua Wealth Data covering the week to 23 October, the industry reported net gains of 19 advisers to bring total adviser numbers to 15,460.
This is welcome news after losses of five advisers, two advisers, and a small gain of six in the preceding three weeks.
For the financial year, adviser gains are fast approaching 300 – currently standing at 287 – although the calendar year remains in negative territory with losses of 13.
Three new licensees commenced and one ceased, while there were 14 new entrants – a category that has consistently been reporting double-digit gains since the start of the financial year. Both SGN Financial and Canaccord Group were up by two, and both of these were new entrants.
Industry Super Holdings, which provides financial advisers for industry super funds, was up by four, three of whom return to advice after long breaks away from the space.
Diego Fernando Carrasco (Capital Haus Financial Services) was up by four, bringing total advisers to five. Two of these advisers are currently also authorised at Axiis Capital, while the other two advisers returned to advice after a short break.
A long tail of 27 licensee owners was up by net one, including Rhombus, Centrepoint, and the remaining two new licensees.
Looking at adviser losses, three licensee owners were down by two, including Anthony Trovato (Just Financial), with the two commencing at a new licensee – superannuation fund Australian Retirement Trust (ART) and Wilsons Holdings.
None of the advisers from ART or Wilsons have been appointed elsewhere yet.
Some 14 licensee owners were down by one, including Count Limited, Oreana, and Sequoia Group.
Speaking around the losses earlier in the month, Padua Wealth Data founder Colin Williams had forecast a “very unstable” quarter ahead for the industry. This is due to the upcoming adviser education rules kicking in at the start of next year.
As of 1 January 2026, individuals wishing to remain on the Financial Adviser Register (FAR) will be required to meet the new minimum education requirements as dictated by legislation passed in 2017 or have been an authorised financial adviser for a minimum of 10 years’ cumulative between 1 January 2007 and 31 December 2021 in order to continue operating as a financial adviser.
