Adviser numbers appear to have stabilised well below even the best-case scenario for the education deadline.
The end of 2025 was dominated by concerns over what seemed to be an impending exodus as a result of new education standards kicking in the new year, with the lowest predictions suggesting there could be a loss of 900, while the most dire put the potential losses at more than 2,300.
But, pleasingly, the 2026 calendar year-to-date (YTD) is sitting at a net gain of 40 advisers, while the financial YTD is at a net loss of 26, marking a “strong start to 2026”.
The net change for the week to 15 January was a loss of just five advisers compared to 223 in the week prior.
In accordance with the Corporation Amendment (Professional Standards of Financial Advisers) Act passed in 2016, individuals who are unable to meet the experience pathway criteria and wish to continue operating as an adviser past 30 December 2025 are required to meet higher minimum education and training standards to continue as a financial adviser.
Assessments of the Financial Adviser Register (FAR) through the second half of 2025 had ASIC and the Financial Advice Association Australia (FAAA) flagging the potential losses of up to 15 per cent of the profession come 2026.
The overwhelming majority of these losses so far were reported in the week ending 8 January as records were updated following the end-of-year shutdown period and there was a net loss of 223 advisers, though these have largely been backdated to December, bringing the net loss for the 2025 calendar year up to 368.
“This week’s numbers show the adviser market is still volatile. Earlier projections of much larger losses were based on ASIC’s ‘point in time’ data showing many advisers without required qualifications and not applying for the experienced pathway,” Wealth Data founder Colin Williams said.
Although it has so far landed significantly below what was predicted, an assessment of ASIC’s weekly point-in-time data from 8 January and the FAR on 15 January shows there are still 213 advisers showing as not meeting the new education standards.
Of these, some 78 may be eligible for the experienced provider pathway, and 66 have flagged that they are utilising the experience pathway but took the adviser exam after October 2022 making them likely to be ineligible to use this option.
While the loss of almost 300 advisers in just over a month is a hit to an already struggling profession, Williams said, the number of advisers “still holds relatively firm”compared to what may have been expected.
He added: “The worst appears to have passed, but resolving qualification issues for many advisers will likely take some time. Qualifications listed as counting toward 2026 in ASIC’s data may not meet the full 2026 criteria, which are complex and assessed by licensees.”
Weekly movements
As it stands, there are some 15,145 individuals on the FAR, bolstered somewhat by 14 new entrants in the week ending 15 January, bringing the total for the year up to 40.
Meanwhile, 103 advisers were active in appointments and resignations this week.
Looking at where some of these advisers have ended up, Count Limited reported a net gain of five advisers for the week ending 15 January after picking up three new entrants at Count Financial.
The licensee also saw GPS Wealth nab one adviser from WT Financial Group with another two returning after a break, though Paragem did lose one that is yet to be appointed elsewhere.
Even with the loss, WT Financial Group was up by net four, with Wealth Today picking up two new entrants and an experienced adviser from Templestone, while Millennium 3 gained one from AIA Financial Services.
Lifespan saw a net gain of three, including two advisers switching from Interprac and another from Entireti and Akumin Group.
Meanwhile, Capstone Financial Planning nabbed one adviser from Millennium 3 and one from Count Financial for a net gain of two, and Centrepoint Group gained one adviser each from Interprac and Gallagher Benefit Services and had another return after a break, bringing the licensee to a net gain of two after losing one to Shartru.
After losing one adviser to Lifespan, Entireti and Akumin Group saw a net gain of two after two advisers returned after a break and another joined the licensee from SFDS.
A long tail of 29 licensees were up by net one adviser each, including all five of this week’s new licensees, as well as Fiducian, Morgans Group and Rhombus Enterprises.
At the other end of the spectrum, the SMSF Advisers Network suffered a staggering hit with a net loss of 21 advisers, none of whom have been reappointed elsewhere at this time.
Notably, licensees providing limited SMSF advice saw significant losses in 2025, with Williams suggesting in July that the sector was “dead in the water”.
In other licensee losses, Sequoia Group was down by net six after three joined Lifespan, one left for Gallagher Benefit Services and two more are yet to be reappointed elsewhere.
Sequoia has seen a steady outflow of advisers in recent months as many depart Interprac Financial Planning after being sued by ASIC in November for alleged critical oversight and compliance failures related to Shield and First Guardian which led to 6,500 investors being advised to invest around $677 million of their superannuation in the two funds prior to their collapse.
Meanwhile, Hoxton Capital saw a net loss of four, and FSSSP Financial Services, IA Advice and Australian National Investment Group were all down by net two, with all of these advisers yet to be reappointed.
A short tail of 14 licensees were down by net one adviser each, including Findex Group, Industry Super Holdings and Templestone Financial.
