After steady growth over the last few months, Wealth Data has reported a net loss of 18 advisers for the week ending 15 May, bringing the new total down to 15,589 and marking the most significant decrease since the start of 2025.
While a steady flow of new entrants following the March ASIC exam sitting have kept the profession in modest growth, the cumulative net loss of 27 advisers over the last two weeks has wound back some of the earlier progress.
Even so, the numbers are still in the green for the calendar and financial year-to-date, with a net gain of 111 and 244 advisers, respectively, as of 15 May.
Five new entrants made their debut into the profession this week and a total of 71 were active in appointments and resignations.
Looking at licensee growth, some 24 licensees had net gains of 25 advisers for the week ending 15 May, with one new licensee commencing with two advisers.
The remaining 23 licensees, including Sequoia, Findex and Spark Financial Group, had a net gain of one adviser each.
On the other end of the scale, Macquarie Group took the biggest hit, losing net seven, the majority of which appear to have held positions that are support-based services to advisers, according to Wealth Data founder Colin Williams.
Count Limited has a net loss of three for the week, including two from GPS Wealth and one each from Merit and Paragem, while gaining one adviser at Count that had previously been with Fortnum which is owned by Entireti.
Exelsuper Advice lost its only two advisers, leaving the licensee with zero, while FSSP Financial Services and Merchant Wealth Partners also had a net loss of two each with all yet to be reappointed elsewhere.
Meanwhile, Akumin lost two advisers and Hillross and Fortnum lost one each, knocking Entireti and Akumin Group down four, though it recovered half its losses with one coming to Charter from First Financial and another returning after a short break.
A tail of 22 licensees were down by one adviser each, including Lifespan, Morgans, and Shaw and Partners.
These small weekly changes are largely meaningless. The real trend will emerge early next year, when those without FASEA recognised qualifications, who don’t meet the 10 year experience rule, will disappear from the FAR.
Some of these will be newer practising advisers who couldn’t be bothered to get FASEA qualified. Many others will be people who work in related roles but have never been practising advisers. There was a big influx of these joining the FAR in 2018 so they could avoid the FASEA “new entrant” requirements if they subsequently chose to become advisers. But I suspect very few of them ultimately did.
How many advisers will be on the FAR come early 2026? My bet is 12,000.