The first adviser numbers have been revealed for the start of 2026, showing the impact of the education deadline which came into force at the end of last year.
In an update covering the period from 18 December to 8 January, Padua Wealth Data stated there was a net loss of 223 advisers.
While this is a significant sum, it was less than had been expected given ASIC estimates at the end of 2025 of more than 2,000 advisers. Some 270 advisers ceased over the period and to date, had not returned to the ASIC Financial Adviser Register (FAR).
This brought total adviser numbers from 15,373 to 15,150, allowing it remain above the crucial 15,000 level.
The research house noted it had seen a “surge” in licensee activity at the end of the year, likely at the urging of ASIC and the Financial Advice Association Australia (FAAA), as they updated their advisers’ FAR to include their experienced pathway status and qualification credentials.
Current FAR figures combined with the 18 Dec 2025 dataset show the following results:
- 5,547 advisers said Yes to the experience pathway- this accounts for more than a third of current advisers.
- 7,638 said No to experience pathway
- 1,965 have not stated a position
Speaking to Money Management, Padua Wealth Data manager, Colin Williams, said numbers may yet change as movements can be backdated by 30 days and many employers may still be on annual leave.
“I’m expecting advisers to depart over the coming weeks. While there was a 31 December 31 deadline, licensees do have 30 days to update the ASIC FAR and from past experience, it may take a while to work this all out, especially with the smaller licensees. The departure dates due to not meeting the experience pathway or qualifications will normally be backdated to 2025.
“Many advisers will still appear in an unsure position to enable them to continue in 2026.”
In accordance with the Corporation Amendment (Professional Standards of Financial Advisers) Act passed in 2016, individuals who were unable to meet the experience pathway criteria and wished to continue operating as an adviser past 30 December 2025 were required to meet higher minimum education and training standards to continue as a financial adviser.
Based on the FAR at the time, ASIC said some 2,326 relevant providers of the 15,469 on the register hadn’t flagged their use of the experience pathway and were yet to meet the incoming education standards, signalling a potential 15 per cent decline in adviser numbers before the end of the year.
