For the year to 30 April, there have also been 180 new entrants to the financial advice profession. The same period in 2024 saw 109 new entrants, 95 of whom are still current on the Financial Advisers Register.
The latest two financial adviser exams have reported a pass rate of 77 per cent in December – the highest in two years – and 73 per cent in March, subsequently helping the number of new entrants into the industry.
Around 60 new entrants have joined the industry since the March exam sitting, with the week of 10 April seeing more than 20 new entrants in one week.
“We have also seen strong numbers of adviser coming back into advice, sometimes after many months and years of being out of advice,” Wealth Data founder Colin Williams said.
“For the 2025 period, some 256 advisers have resigned and ceased. After allocating the 180 new advisers, there is still a shortfall of 76 plus the gain of +115 advisers equals 191. This is the number of advisers who have come back into advice.
“Many seem to find a way back into advice after a break which is positive.”
He said there are close to a further 4,700 individuals who have passed the financial adviser exam but are not currently practising.
The next adviser exam will be held on 5 June, followed by 7 August and 6 November.
Looking at the weekly numbers for the week to 8 May, there were five new entrants but a net loss of nine advisers, which was a downturn after four consecutive weeks of growth. The current number of advisers stands at 15,607.
Some 26 licensee owners had net gains of 37 advisers and 30 licensees had net losses of 42 advisers.
A new licensee commenced with five advisers who switched from Havana Financial Services, owned by OZ Pty Trustee for CCAFP, which trades as CCA Financial Planners, gained four advisers from Victoria Teachers Ltd, which is now down to zero.
Shaw and Partners was up by three, while Koda Capital was up by two, and a tail of 21 licensees were up by one, including Count and Morgans.
M Point Superannuation was down by three, four licensees were down by two, and 23 licensees were down by a net of one each.
If there are 4,700 people who have passed the exam, but choose not to work as an adviser, that is really saying something about the regulatory environment in this country.