While the last full week of this financial year proved a quiet one, a steep dive throughout June has secured a net loss for the Financial Adviser Register (FAR).
The latest Padua Wealth Data analysis revealed a net loss of three advisers in the week ending 25 June, bringing the total down to 15,096 in the last full week of the 2025/26 financial year.
After four consecutive weeks of outflows, the profession saw a net loss of 74 in June, which was enough to wipe out any gains from earlier in the year, dragging the net change for FY26 to a loss of 74.
However, with several days still left of the financial year, Padua Wealth Data founder Colin Williams said there may be more losses yet to come.
“Next week we will see a small ‘financial year’ crossover of the reporting, as the release of the data will be made on the morning of July 2. We are expecting a large number of resignations at June 30. However, many may not be fully reported until the following weeks or two.”
This time of year typically sees a surge in exits as advisers jump of the register ahead of the 30 June ASIC census date at which point the industry levy is calculated.
Looking at this time last year, there had been a net loss of 114 over the month of June, with a further 190 dropping off in the week to 3 July 2025. FY25 did still manage to end on a positive gain of 143, though.
A key contributor of the higher losses in FY26 was the education deadline on 1 January 2026, at which time advisers needed to meet higher education requirements in order to continue operating, driving a net loss of 277 from 4 December to 8 January.
However, there is still hope for the calendar year– which is currently sitting at a net gain of 44 – as there is often a degree of rebounding toward the end of July as advisers jump back on the register.
Turning to the weekly movements, the week ending 25 June saw 65 advisers active in appointments and resignations, including four new entrants. Meanwhile, two licensees commenced this week and one closed after reducing to zero advisers.
Springboard Wealth was among the commencing AFSLs this week, kicking off with three advisers. Money Management covered the launch earlier this week as former Sequoia head of licensee and adviser services Daryl Stout moved over to the AFSL as a director and general manager of advice.
Entireti and Akumin Group also saw a net gain of three advisers, including one new entrant with Wealth Data noting that the group has appointed 16 new entrants already this calendar year-to-date.
FSSSP Financial Services and Picture Wealth Group both had net gains of two advisers each and a tail of 17 licensees were up by net one each, including Centrepoint Group and Cutcher & Neale Financial Services.
In a rarity for the year, Sequoia Group wasn’t at the top of the list for weekly losses; it was beat out by ANZ Banking Group, which was down by seven, bringing the bank’s adviser count down to 23.
Sequoia didn’t get off scot-free, though. Sequoia experienced a net loss of two advisers alongside Count Limited which reported the same this week. WT Financial Group proved the beneficiary of this move, picking up one adviser each from the pair.
William Buck Wealth Advisors also suffered a net loss of two, with neither adviser appointed elsewhere as yet.
A tail of 17 licensees were down by net one adviser each, including Bongiorno Group and the one ceasing AFSL this week – a single adviser licensee which has now been reduced to zero.
