Padua Wealth has analysed the experienced provider pathway notifications and found more than 2,000 advisers have not responded to ASIC.
Advisers are categorised based on their initial entry into the industry:
- Pre-31 December 2011: Eligible for the experienced provider (EP) pathway
- 4,493 have notified ASIC they will use the EP pathway
- 1,944 have indicated they will not
- 2,590 have not provided a response
- Post-1 January 2012: Not eligible for EP
- 218 advisers from this group indicated they intend to use EP, highlighting possible data inaccuracies or adviser misreporting
Additionally, 47 advisers intending to use EP missed the October 2022 deadline to pass the financial adviser exam.
Among pre-2012 advisers who opted out of EP:
- 39.59% hold qualifications that count toward 2026 standards
- 94.75% have degrees, though relevance is undetermined
Among those who have not stated their intentions:
- 37.28% hold relevant qualifications
- 77.80% possess a degree, again with unclear relevance
By business type, a number of accounting – limited advice providers, who typically offer restricted SMSF advice, have expressed intentions to continue under the 2026 standards, states Padua Wealth.
ASIC has also urged licensees to ensure adviser records are up to date ahead of the 1 January 2026 qualification deadline, with further data updates expected in due course.
Adviser numbers
The calendar year-to-date net change in adviser numbers (to 21 August) remains in negative territory at -64. However, if licensees associated with accountants who offer limited SMSF advice are removed, the growth number is positive at +79. Financial year-to-date shows a net gain of 232 advisers.
During the reporting period, 28 licensee owners recorded a collective net gain of 33 advisers, while 14 licensee owners experienced net losses totalling 17 advisers.
Growth – licensee owners:
- Sshhut Holding Pty Ltd: Two new entrants
- Ord Minnett Group: One new entrant and one adviser formerly with Perpetual
- New Licensee: Both advisers still authorised under what appears to be an associated licensee
- Endevavor Asset Management: Two new entrants
- Count Limited: Net increase of two advisers. Count Financial appointed one new entrant and welcomed back a returning adviser, while losing one adviser not yet appointed elsewhere
- GPS Wealth, a Count Limited subsidiary, hired two advisers from Aware Super and lost one to Financial Design Group
- An additional 23 licensees recorded net gains of one adviser each, including WT Financial Group, Spark Partnership, and Rhombus
Losses:
- Morgans Group: One adviser moved to Lionsgate; the other is currently unappointed
- Sequoia: One adviser joined Trend Investor Services; the other had recently commenced with another licensee
- Mancell Family Trust (FYG Planners): One adviser moved to Insight Investment Services; one remains unappointed
- Another 11 licensee owners recorded a net loss of one adviser each, including Insignia, Shaw and Partners, and Entireti & Akumin Group
