Financial Adviser Market Insights, January 8, 2026
Adviser Numbers Decreased By 223 for the period between Dec 18, 2025 to Jan 8, 2026. Moving From 15,373 To 15,150
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Welcome to the first update of 2026. As expected, a very volatile period over Christmas and the start of 2026. However, some good news, early indications are that the adviser losses will be less than expected.
As the year came to an end, there was a surge in licensees updating their advisers details, mostly in relation to exam qualifications, leading to a lower loss of advisers than may have been expected (see more below).
For the period since we last reported on Dec 18, 2025 to today, Jan 8 2026, the net loss of advisers is (-223). Five new licensees commenced and 26 licensees ceased. Of the 26 that ceased, 13 were restricted licensees offering limited SMSF advice.
The period saw a total of 24 new entrants with 16 dated in December and eight in January.
The period has seen a total of 270 advisers who have ceased and to date, not returned to the ASIC FAR. 23 Advisers had previously ceased and came back onto the FAR.
Since December 1, 2025, 421 advisers have ceased and no longer current on the FAR.
More volatility ahead?
January reporting usually begins slowly until staff return and licensees update the FAR, so expect mixed results for a few weeks. Licensees have 30 days to report adviser changes.
ASIC’s introduced a new weekly “point in time” dataset to track advisers who applied for the Experienced Pathway (EP) and those with qualifying credentials. The latest dataset was created on 18 December 2025 (Christmas break delayed updates). It showed a big rise in EP applications and many advisers updating qualifications.
Current FAR figures combined with the 18 Dec 2025 dataset shows the following results:
5,547 advisers said Yes to the EP - This accounts for more than a third of current advisers.
7,638 said No to EP
1,965 have not stated a position (Note: This is an approximate number as some advisers appear multiple times on the FAR and the dataset with mixed results)
Notes:
60 of those who chose the EP passed the FASEA exam after October 2022, which could count against them.
Of the 7,638 who said No, 124 have no qualifications that meet the new standard.
Of the 1,965 undecided, about 500 list no qualifying qualifications—though nearly half of those may still qualify for the EP because they began before 2011.
This is a snapshot and will change, but many advisers still appear in an unsure position to enable them to continue in 2026.
As the data finally comes in we will complete a full analysis of the 2025 year.
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Key Adviser Movements For This Period and where noted for the full calendar year of 2025
Net change of advisers (-223)
For Calendar year 2025 (-325) and (-105) when excluding advisers operating in mostly restricted SMSF licenses.
Current number of advisers 15,150
Net Change Calendar 2026 YTD +6
Net Change Financial YTD (2025/26) (-21)
Net change Financial YTD +65 when excluding licensees that provide mostly limited SMSF advice
36 Licensee Owners had net gains of 43 advisers
161 Licensee Owners had net losses for (-278) advisers
5 new licensees (1 recommenced), and 26 ceased
24 new entrants
367 advisers affected by appointments / resignations.
Growth - Licensee Owners
Two new licensees commenced with three advisers each - details provided to members. One group leaving FYG Planners and the other with the principal leaving Fitzpatricks and appointing two advisers who have been off the FAR since 2020.
Three licensees increased by two advisers including Partners Wealth Group with advisers switching from MI Private Wealth and another new licensee with advisers switching from Fortnum owned by Entireti and Akumin Group.
A tail of 31 licensees up by one each including Finchley and Kent, ANZ Banking Group and the remaining two new licensees.
Losses - Licensee Owners. Note: Few of the advisers have been listed as being appointed elsewhere
Four licensee owners down by eleven each:
NTAA (SMSF Advisers Network) and a net loss of 109 since Jan 1 2025
Sequoia Group who dipped in the later half of the year taking the total loss since Jan 1 2025 to 57
Telstra Super
WT Financial Group
Fiducian down by 7
Seven licensee owners down by five each including Count Limited, NAB Bank, Morgan Stanley and Accru Group
Three groups down by four each, Affinity Accountants, Argonaut Securities and Entireti and Akumin Group
Four groups down by three each including Janus Financial and Perpetual
26 groups down by two including Insignia, PSK and Macquarie Group
And a very long tails of 116 down by one each.
