Over 120 advisers join in FY26
The first full week of the new financial year has reported adviser gains after heavy losses reported in June.
The net gains of 17 this week is the first net positive week after five consecutive weeks of decline, during which losses reached 359 advisers.
The gains bring the net change for the new financial year beyond 100 to stand at 122 advisers as there were gains of 89 last week, but these were offset by losses to cause a weekly net loss.
Losses for the 2025 calendar year stand at 158, while last year’s financial year losses stand at 150, although this may yet change if future losses are backdated.
Some 16 of the 17 advisers who joined the Financial Advisers Register (FAR) this week were new entrants after ASIC published the results of its adviser exam for the June sitting, during the week which saw 66 per cent of the 237 candidates achieve a pass.
The week to 10 July saw 36 licensee owners gain 47 advisers, and 23 licensee owners lose 36.
WT Financial was up by a net five advisers, with three switching licensees from Charter, Dependable Financial Advice and Lifespan, as well as two who returned after a break. Count was up by three, appointing two new entrants and one each from Lifespan and Sheridan Financial, although it also lost one adviser.
A new licensee was up by net three, with two advisers from Havana owned by O&Z and one new entrant. Three licensee owners were up by a net of two, and 30 were up by one adviser each.
Looking at adviser losses, MWL Group was down by six and Canny Group was down by three after its advisers transferred to WPFP Group. Entireti and Akumin were also down by three, having lost five advisers, including two who moved to RGM Financial, but gaining two.
In the case of MWL Group, the licensee saw two of its advisers banned by ASIC recently for giving inappropriate advice to clients regarding Shield Master Fund.
Four licensee owners were down by two, including Kingsley Davidson, FSSP Financial Services (Aware Super) and O&Z, and a tail of 16 licensees were down by one each.
AUTHOR
Laura Dew
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