‘Unstable’ Q4 ahead as education deadline approaches

With the adviser education pathway deadline less than three months away, Padua Wealth Data is predicting a “very unstable last quarter” after three months of solid net growth and a steady flow of new entrants.

According to a quarterly industry analysis, adviser numbers saw a net gain of 256 in the year to 30 September 2025, coming in considerably higher than the same period last year, which reported a net gain of 161.

However, Padua Wealth Data founder Colin Williams noted that adviser numbers are still sitting short this time last year, with 15,428 compared to 15,501 at the end of Q3 in 2024.

Some 24 licensees have commenced operating over Q3, with 12 of the new licensees having just one adviser each, while five had four advisers each. 

Several licensees saw double-digit net gains over this time, including WT Financial Group, with the biggest adviser gains, up by net 24 with a total of 526 advisers now under the licensee. This was followed by Guideway Financial Services, Count Limited, and Rhombus, with net gains of 12, 11, and 10, respectively.

Meanwhile, 21 licensees ceased in the September quarter, including MWL Financial Services, which had 11 advisers at the time, and a further 14 licensees with one adviser each.

With October now underway, Williams said the profession is “preparing for a likely very unstable quarter” due to the new 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.

Weekly movements

Looking at the weekly movements, adviser numbers saw a net gain of six for the week ending 9 October, reigniting the steady growth seen over Q3 after a net loss of two last week, bringing the total of advisers up to 15,446.

While the profession is yet to see weekly net gains over 24 since the start of the new financial year, the relatively consistent stream of net positive weeks has seen the profession chip away at the net losses for FY26 to date, now sitting at -26. 

However, the calendar year looks more promising with a net gain of 274 for the calendar year to date. This has been supported somewhat by the incoming of new entrants, with a further 17 hitting the FAR this week.

Notably, no licensees commenced or ceased this week, and some 53 advisers were active in appointments and resignations.

It was a particularly quiet week in licensee switching, with just one – Arrive Capital – reporting a new gain of two advisers, both of which were new entrants, and 24 licensees had a net gain of one adviser each, including Viridian, Rhombus, Perpetual, and Count Limited.

Meanwhile, only one licensee was down net two advisers as well, with Oracle Investment Group losing two, with both yet to be reappointed elsewhere. A long tail of 19 licensees was down by net one adviser each, including Super Holdings, Insignia, and Koda Capital.