The financial adviser workforce continued its positive start to the new financial year, with numbers rising by a net 27 during the week to 16 July, according to ASIC data shared by Padua Wealth Data.
The increase lifted the number of advisers on ASIC’s Financial Advisers Register to 15,050, following a net gain of 39 in the previous week. In the first week of July numbers fell to 14,984 (the lowest since the Financial Adviser Register commenced in 2015).
Padua Wealth Data Manager Colin Williams said growth remained broadly based, with 43 licensee owners recording net gains compared with 17 reporting losses.
Twenty-one new entrants joined the register during the week, maintaining strong recruitment following the latest Financial Adviser Exam results. A total of 70 advisers were involved in appointments or resignations.
Among individual licensees, Gill and Co continued its steady expansion and three new licensees commenced operations during the week.
Williams said he had also examined advisers’ ASIC registration status, noting that while registration has been mandatory since 2024, not all advisers are currently registered and some AFSL’s have no registered advisers.
Three words; Deck chairs Titanic. What happens to ANY new adviser currently when they join this once-great industry? There are next to no experienced advisers left to train them in sales, yes sales, not the 'easy' stuff like para-planning. Plenty of technocrats who can teach those technicalities. I'd would have liked to know from the article which of the alleged new "advisers" are risk specialists but in these articles this remains a secret for some unknown reason. Anyway, of those that are indeed choosing to specialize in risk then I wonder how they plan on being paid enough? If they are fortunate enough to find a mentor there's hardly enough commission paid these days for everyone involved in implementing an insurance strategy for a client. Would be interesting for researchers like Craig Williams to do an article on the pay situation for new advisers (investment specialists AND risk specialists). Commissions need to increase or the new and most existing riskies are just temporary passengers on the Titanic.
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