Adviser numbers see steepest decline since EOFY

Adviser exits have ramped up this week, according to Padua Wealth Data, reporting the biggest loss since June ahead of the major predicted losses set to hit before the end of 2025.

The week ending 4 December saw a net loss of 32 advisers after two months of almost exclusively single-digit shifts, bringing the total number of advisers down to 15,427.

Having just ticked over into December, the profession is quickly approaching what Padua Wealth Data, the Financial Advice Association Australia (FAAA) and ASIC have all predicted could be a month of significant losses ahead of the 1 January education deadline.

Just last week ASIC released an update of the Financial Adviser Register (FAR), reporting that some 2,326 relevant providers are yet to meet the new education standards which could mean significant losses over the coming weeks.

The losses this week have pushed the profession’s growth further into the red for a net loss of 44 for the calendar year-to-date, while the financial year-to-date is now sitting at a net gain of 257.

Entireti was down by net eight including the five lost to a new licensee and one each from Fortnum Private and Personal Financial Services. Count Limited had a net loss of six after picking up one from Paragem but also losing one each from Count Financial and GPS Wealth and five from Merit Wealth.

Sequoia was also down by net six after seven left Interprac this week, with three of these joining Alliance Wealth and the rest yet to be reappointed elsewhere, while one returned to Interprac after a break from advice.

Koda Capital was technically down by net five, though all have remained with the licensee as advisers to wholesale and sophisticated clients only.

Finwest was down by net two, however both advisers appear to still be linked to the Finwest Group, and Artemis Investments also lost two advisers to a new licnesee. Mercer and UniSuper were both by net two, all of which are yet to be reappointed.

A tail of 22 licensees were down by net one adviser each including Bombora Advice, Infocus and Insignia.

New entrants also hit a low for the financial year with just three for the week ending 4 December, the lowest since June. However, Padua Wealth Data founder Colin Williams said these numbers are expected to ramp up once the November financial adviser exam results are released.

Centrepoint Group appointed five advisers at Alliance Wealth with three switching from Interprac and two returning after a break. This growth was slightly hindered however by the loss of three advisers with one heading went to TFG Australia and two yet to be reappointed, leaving Centrepoint with a net gain of two for the week.

A short tail of 13 licensees were up by net one adviser each, including WT Financial Group, Wealth Group and Canaccord Genuity.