Padua Wealth Data’s latest industry analysis shows a net gain of three advisers on the FAR for the week ending 28 May, bringing the total up to 15,170 and the change for the financial year-to-date (YTD) just over the line for a net gain of one.
While this means the profession is only just in a better position now than at 30 June 2025, there has been considerable challenges during this time, namely the education standards deadline which kicked in from 1 January and triggered significant outflows throughout December.
This is reflected in the calendar YTD results which is sitting at a net gain 116, largely supported by a steady flow of new entrants, including a further six this week.
The few remaining weeks could see significant swings, however, with the ASIC adviser exam being held next week – though whether the results will be out in time to impact numbers for FY27 is unknown – on the other hand, June tends to see high outflows as advisers jump off the FAR before the new financial year census date.
Turning to other industry movements, 27 advisers were active in appointments and resignations – remarkedly low considering this typically sits around 70. Meanwhile, there were two licensee commencements and closures this week.
As for where advisers moved to, Picture Wealth Group saw a net gain of two with both joining Insight Investment Services from Sequoia’s InterPrac.
Gill and Co Advisory, which has picked up quite a few advisers from InterPrac, has also nabbed two from the licensee this week.
MPW Financial Group is up two advisers, both of which joined from Banyan Securities, and likewise for Centrepoint Group with an adviser coming from InterPrac and another from Macquarie Bank.
Viridian Advisory nabbed one from Fitzpatricks Private Wealth, as well as a new entrant, and MUFG Retire360 had two join from an industry super fund.
A tail of 15 licensees were up by net one adviser each including Morgans Group and Ord Minnett Group.
Looking at the losses, Sequoia once again tops the list with seven leaving InterPrac including those already mentioned and three that are yet to be reappointed elsewhere. The troubled licensee is now down to 161 advisers after starting the year with 282.
Another of the biggest licensees, Count Limited, was down by net two with both departing from Merit Wealth, one of which landed at Capstone Financial Planning while the other is yet to be reappointed.
Esten and Rankmore was also down by two and is now at zero advisers after both principals ceased on the same date, and Mawson Wealth is likewise down with neither adviser appointed elsewhere yet.
A tail of 14 licensees were down by net one adviser each including Rhombus Enterprises and NAB Bank.
