As advisers celebrate surviving the end of\u00a0financial year\u00a0rush, the professional register has sunk below 15,000 after a scorching June outflow.\u00a0<\/p>\n
While the Financial Adviser Register (FAR) had managed to hold the line\u00a0throughout what ended up being a challenging year, the final\u00a0days of June delivered a significant blow\u00a0to adviser numbers,\u00a0with the\u00a0headcount\u00a0bottoming\u00a0out at\u00a014,899\u00a0as\u00a0of\u00a030 June.\u00a0<\/p>\n
This marks a major breakpoint for the profession with Padua Wealth Data founder Colin Williams suggesting to Money Management that this is\u00a0almost certainly\u00a0the first time since the FAR began in\u00a02015.\u00a0<\/p>\n
An ASIC statement released on 31 March 2015, the FAR\u00a0commenced\u00a0with \u201cmore than 19,000 appointments\u201d, and despite a\u00a0significant\u00a0dive in adviser numbers following the\u00a0Hayne royal commission in 2019, the register\u00a0never\u00a0dipped below the 15,000\u00a0mark,\u00a0until now that is.\u00a0<\/p>\n
General consensus\u00a0among the profession is that adviser numbers topped out around 28,000 in 2019 but seven years since have\u00a0decimated\u00a0the profession\u2019s headcount\u00a0and resolving this is now among the major priorities for the industry.\u00a0<\/p>\n
The latest slash is\u00a0largely a\u00a0result of the end of the\u00a0financial year\u00a0with June\u00a0typically seeing\u00a0higher exits,\u00a0and FY26 was no exception.\u00a0Between 28 May and 30 June, adviser numbers dropped by 271.\u00a0<\/p>\n
This is\u00a0somewhat improved\u00a0on the previous year which saw the FAR decreased from\u00a015,602\u00a0of\u00a029 May 2025 to\u00a015,298 on 3 July, culling 304 advisers from the ranks.\u00a0<\/p>\n
However, FY26 also saw the higher financial adviser education standards come into effect from 1 January which also triggered a significant outflow\u00a0at the start of 2026.\u00a0<\/p>\n
Stepping back, the combined impact has seen the FAR drop\u00a0by 399 since the start of July 2025 at which time there were 15,298 registered advisers.\u00a0<\/p>\n
Where advisers left from\u00a0<\/p>\n
AFSL type\u00a0
\nFY25-26 net change\u00a0<\/p>\n
Accounting \u2013 limited advice\u00a0
\n-189\u00a0<\/p>\n
Super\u00a0fund-based\u00a0advice\u00a0
\n-42\u00a0\u00a0<\/p>\n
Accounting \u2013 financial planning\u00a0
\n-22\u00a0<\/p>\n
Financial planning, investment advice\u00a0
\n-5\u00a0<\/p>\n
Other\u00a0
\n-12\u00a0<\/p>\n
TOTAL\u00a0
\n-271\u00a0<\/p>\n
Source: Padua Wealth Data, 2 July 2026\u00a0<\/p>\n
It important to note that the full impact of EOFY exists and registrations will\u00a0likely be\u00a0unclear until the end of July as licensees have 30 days to update the FAR of any changes.\u00a0<\/p>\n
Colin Williams, Wealth Data founder,\u00a0said: \u201cIn contrast to much of the year, this week\u2019s 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.\u201d\u00a0<\/p>\n
Weekly movements\u00a0<\/p>\n
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.\u00a0<\/p>\n
Results of ASIC\u2019s June adviser exam sitting are also expected to arrive shortly, providing another boon to the profession\u00a0in the form of new entrants. As for this week, eight new advisers have joined the FAR.\u00a0<\/p>\n
Tracking the calendar year-to-date (YTD) changes, there\u00a0has so far been a net loss of\u00a071 advisers. Meanwhile, 265 advisers were active in appointments and resignations this week, and for licensees,\u00a0four\u00a0new AFSLs commenced\u00a0and\u00a0seven\u00a0were reduced to zero.\u00a0<\/p>\n
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.\u00a0<\/p>\n
One of the newly commenced licensees began operations with five advisers, with all joining from Morgans Financial, while another\u00a0newcomer\u00a0started with four advisers, though Williams said this\u00a0appears to be\u00a0an internal\u00a0switch.\u00a0<\/p>\n
Springboard Wealth had a net gain of four advisers from\u00a0InterPrac, as Gill and Co\u00a0saw a net gain of two. Spark Partnership\u00a0Group\u00a0and\u00a0Entireti\u00a0&\u00a0Akumin\u00a0were both up by net two.\u00a0<\/p>\n
At the other end of the spectrum, three AFSLs reported double-digit losses\u00a0with\u00a0Rhombus\u00a0Enterprises suffered a major blow with the loss of 18 advisers.\u00a0<\/p>\n
ART Group Services\u00a0wasn\u2019t\u00a0far behind with the AFSL down by 15,\u00a0followed by Sequoia\u2019s\u00a0InterPrac\u00a0which lost 15 advisers this week. Total exits for the latter now total 157 with just 125 advisers\u00a0remaining\u00a0at the group.\u00a0<\/p>\n
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.\u00a0<\/p>\n
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.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"As advisers celebrate surviving the end of\u00a0financial year\u00a0rush, the professional register has sunk below 15,000 after a scorching…\n","protected":false},"author":2,"featured_media":449657,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[195408,72,225369,61042,176,61,60,84215,174,175,195409],"class_list":["post-529282","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-adviser-numbers","tag-business","tag-eofy","tag-far","tag-finance","tag-ie","tag-ireland","tag-padua","tag-personal-finance","tag-personalfinance","tag-wealth-data"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/529282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=529282"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/529282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/449657"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=529282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=529282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=529282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}