Adviser numbers declined by 88 in the week to 9 April, falling from 15,147 to 15,059, according to ASIC data.
Commenting on the change, Colin Williams, Padua Wealth’s Data Manager, attributed most of the drop to what appears to be the closure of the SMSF Adviser Network licensee. He noted that 85 advisers ceased under the licence, leaving it with zero advisers.
Williams said the licence primarily offered restricted advice services, largely focused on superannuation. He says the licence name has changed on ASIC records adding it is now controlled by the National Tax & Accountants’ Association. The association has been contacted for comment.
Outside of this change, three new licensees commenced operations, one ceased, and 10 new advisers entered the industry.
Williams also reports that 292 candidates sat the March financial adviser exam, with 209 passing, a 72% pass rate. Of these, 65 were repeat candidates. Since the introduction of the FASEA exam, 20,963 candidates have passed.
With total adviser numbers at 15,147 at the end of March, Williams observed that 5,816 of those who have passed the exam are not currently practising as advisers, up from 4,685 a year earlier.
