Australia’s financial adviser population fell by 21 in the week to 18 June, taking adviser numbers to 15,099 – approximately 46% below the late-2018 peak of about 28,000.
The decline follows a fall of 50 advisers over the previous two weeks.
Wealth Data’s Colin Williams reported the profession has contracted by 440 advisers over the past 12 months, based on his analysis of ASIC’s Financial Adviser Register. While adviser numbers are up 44 on the 2026 calendar-year basis, they are down 71 for the 2025/26 financial year.
There were five new entrants to the register, two new licensees commenced operations and four ceased.
The week’s most significant structural change was Picture Wealth Group’s acquisition of Capstone Financial Planning.
Prior to the transaction, Capstone had 220 advisers and Picture Wealth had 147. Combined, the group now has 368 advisers, moving it to seventh place in the licensee owner rankings.
