While the Financial Adviser Register (FAR) had managed to hold the line throughout what ended up being a challenging year, the final days of June delivered a significant blow to adviser numbers, with the headcount bottoming out at 14,899 as of 30 June.
This marks a major breakpoint for the profession with Padua Wealth Data founder Colin Williams suggesting to Money Management that this is almost certainly the first time since the FAR began in 2015.
An ASIC statement released on 31 March 2015, the FAR commenced with “more than 19,000 appointments”, and despite a significant dive in adviser numbers following the Hayne royal commission in 2019, the register never dipped below the 15,000 mark, until now that is.
General consensus among the profession is that adviser numbers topped out around 28,000 in 2019 but seven years since have decimated the profession’s headcount and resolving this is now among the major priorities for the industry.
The latest slash is largely a result of the end of the financial year with June typically seeing higher exits, and FY26 was no exception. Between 28 May and 30 June, adviser numbers dropped by 271.
This is somewhat improved on the previous year which saw the FAR decreased from 15,602 of 29 May 2025 to 15,298 on 3 July, culling 304 advisers from the ranks.
However, FY26 also saw the higher financial adviser education standards come into effect from 1 January which also triggered a significant outflow at the start of 2026.
Stepping back, the combined impact has seen the FAR drop by 399 since the start of July 2025 at which time there were 15,298 registered advisers.
| AFSL type | FY25-26 net change |
| Accounting – limited advice | -189 |
| Super fund-based advice | -42 |
| Accounting – financial planning | -22 |
| Financial planning, investment advice | -5 |
| Other | -12 |
| TOTAL | -271 |
Source: Padua Wealth Data, 2 July 2026
It important to note that the full impact of EOFY exists and registrations will likely be unclear until the end of July as licensees have 30 days to update the FAR of any changes.
Colin Williams, Wealth Data founder, said: “In contrast to much of the year, this week’s exits were broad-based financial planning advisers (around three-quarters of all cessations) rather than the restricted-SMSF cohort that drove the earlier losses, consistent with a classic end-of-financial-year wave of retirements and moves.”
Weekly movements
Padua Wealth Data found that there has already been a slight rebound, however, with the first two days of FY27 delivering an uplift of 85, bringing the total advisers up to 14,984 for the week ending 2 July. As a result, the actual change for this week is a net loss of 112.
Results of ASIC’s June adviser exam sitting are also expected to arrive shortly, providing another boon to the profession in the form of new entrants. As for this week, eight new advisers have joined the FAR.
Tracking the calendar year-to-date (YTD) changes, there has so far been a net loss of 71 advisers. Meanwhile, 265 advisers were active in appointments and resignations this week, and for licensees, four new AFSLs commenced and seven were reduced to zero.
Turning to the weekly movements among AFSLs, Bespoke Wealth saw the most growth this week with a net gain of six advisers, all of which switched from CHPW Financial.
One of the newly commenced licensees began operations with five advisers, with all joining from Morgans Financial, while another newcomer started with four advisers, though Williams said this appears to be an internal switch.
Springboard Wealth had a net gain of four advisers from InterPrac, as Gill and Co saw a net gain of two. Spark Partnership Group and Entireti & Akumin were both up by net two.
At the other end of the spectrum, three AFSLs reported double-digit losses with Rhombus Enterprises suffered a major blow with the loss of 18 advisers.
ART Group Services wasn’t far behind with the AFSL down by 15, followed by Sequoia’s InterPrac which lost 15 advisers this week. Total exits for the latter now total 157 with just 125 advisers remaining at the group.
FYG Planners and CHPW Financial were both down by net seven advisers, while Morgans, Count Limited and WT Financial Group all reported net losses of four each.
A further three AFSLs were down by net three advisers each, six lost two, and a long tail of 52 licensees were down by net one adviser each.
It will keep dropping. ASIC are strangling the industry.
12,000 within 3 years. Terrible occupation with majority of issues outside the scope of the actual advisers who wear the brunt of the issues and try to do the right thing by clients.
The predictions of many experienced Financial Advisers some 5-7 years ago are now sadly coming to light.
Many were predicting only 10,000 to 12,000 active advisers would remain by 2027-8 following the discriminatory culling of competent, experienced, knowledgeable & ethical Financial Advisers that occurred.
Like any other profession, there are always a small percentage that should not have been there & rightly should have been forced to exit, however, the relentless negative attention, media, unfair legislation, uninformed politicians & conflicts of interests by other consumer groups who saw an opportunity when they smelt blood resulted in a large cohort who simply could not take any more.
The result is now the cost of advice has skyrocketed & access to financial guidance & invaluable direction & management for those many Australian’s who benefit is now significantly reduced and this will mean decisions will be made without advice which could be very damaging to the individual or their beneficiaries & estates.
It has been an absolute failure & it will take a very long time to rectify the current issues, if in fact it can ever be rescued.
For those politicians, academics, vested interest groups & ASIC who relentlessly targeted honest, hard working & ethical people who always had their own clients best interest at the heart of what they did everyday, well done to you.
You were entirely wrong.