The number of financial advisers in Australia has fallen below the 15,000 mark, with the latest count sitting at 14,984 after hitting 14,899 at the close of the financial year.
The figures, compiled by industry analyst Colin Williams of Padua Wealth Data, show a net loss of 112 advisers during the latest reporting week. However, the headline figure masks an end-of-financial-year reshuffle, with adviser numbers falling by almost 200 on 30 June as advisers retired or switched licensees before rebounding by 85 in the opening days of July.
Williams said the figures, based on ASIC data, should be treated as preliminary because licensees have up to 30 days to notify adviser appointments.
The rebound should build week by week…
As a result, many advisers who ceased on 30 June are expected to reappear under new licensees throughout July.
“The rebound should build week by week as reporting catches up,” Williams said.
The latest reporting period was the busiest week of 2026, with 265 advisers affected – up from 65 the previous week – including eight new entrants to the profession.
Unlike much of the year, when losses were largely driven by restricted advisers specialising in self-managed superannuation funds, around three-quarters of this week’s departures came from financial planning firms.
During the week, 38 licensee owners recorded net gains in adviser numbers, while 75 posted net losses. Four new licensees were established, while seven licensees were left with no advisers.
So far in 2026, adviser numbers are down by a net 71, while the profession has shrunk by 244 advisers over the past 12 months.
Growth – licensee owners
- George Sabini (Bespoke Wealth) up by six with advisers switching from CHPW Financial and new licensee (details given to members) commenced with five, all switching across from Morgans
- Another new licensee commenced with four advisers, although this initially looks like an internal switch
- Sofia Korac (Springboard Wealth) up by four, as in recent weeks, all advisers switching from InterPrac
- Phillip Alexander (Gill and Co) up by three, extending the year’s strongest run (more below), with Spark Partnership Group and Entireti & Akumin each up by two
Losses – licensee owners
- Rhombus Enterprises down by 18, the week’s largest single move
- ART Group Services (Australian Retirement Trust) down by 15 and Sequoia Group down by 13 (InterPrac), the latter continuing its year-long decline to 157 leaving 125 at the group
- Mancell Family Trust (FYG Planners) down by nine and CHPW Financial down by seven
- Morgans Group down by five, with Count Limited and WT Financial Group each down by four
- Thereafter, three firms losing three each, six losing two each and 52 losing one each
Is anyone truly surprised adviser numbers have dipped below 15,000? The bottom is a long way down but we're making good progress towards it. I'd be interested in an article like this that delineates RISK SPECIALISTS and doesn't lazily lump them together with the generic 'advisers' label.
The older risk specialists, the ones actually interested and passionate about risk advice, have all left the building due to the idiot regulations around higher education that wanted to see them all study and qualify at AQF8 level full financial planners. 90%+ of those older ones left. THEN the pathetic politicians changed the rules to make it easier for them to stay – AFTER they'd left! Ask me how I know! Go figure. Net effect: nobody left to mentor newbies and pay them through their apprenticeship. Oh and remember the commissions were cut so even if the oldies were there to mentor them there was not enough money in the equation to pay everyone.
Incidentally, even IF upfronts increase back to 80% or 100% it will be too late. Dedicated risk writers are no more and the 'investment planners' or so-called 'full financial planners', well, there aren't many of them passionate about risk or truly understand it OR who can properly 'sell' the need for risk protection i.e. that it is even a good idea. No meaningful support from that quarter then . . .
So, then we have the new entrants into the industry trying to make a new business on 60% upfront and 2 years claw-back – 99% of these poor newbies are destined to fail. No mentorship (the REAL sales training) remember. Make no mistake, the vast majority of risk sales still follow the old tenet: 'It needs to be sold as it isn't bought'. If you don't know what this really means then you're part of the problem not the solution.
THEN we have IP policies NOT worth the paper they're NOT written on these days. Proper contractual definitions stripped out. Premiums through the roof at the same time.
Read all the above again, put your hand on heart and tell me the risk advice industry will be here come the end of the decade. Go ahead . . .
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