Financial adviser numbers are up by 232 since the beginning of July, indicating a positive upward trend for the 2026 financial year to 21 August, according to recent analysis from Padua Wealth Data.
“It’s very strong. What we’re seeing is a couple of things happen. June was much worse than I thought and since then we’ve had a steady build-up, which is great. And you also find at the end of June a lot of people make up their mind to switch,” Padua Wealth Data manager Colin Williams noted.
“The other encouraging thing we’re seeing is a large number of financial advisers are somehow or other finding their way back into advice, which I think is very encouraging.”
The study also indicated the number of financial advisers increased slightly, by 16, in the week ending 21 August, but had reduced by 64 for the calendar year to date. The total number of advisers now stands at 15,410.
Padua Wealth also recently analysed the Australian Securities and Investments Commission (ASIC) Financial Adviser Register, which now includes information on whether an adviser intends to rely on the experienced provider pathway.
The register uses data as to when an individual first became an adviser and categorises them as eligible to use the experienced provider pathway if they joined the industry prior to 31 December 2011 and ineligible to use the facility if they became part of the sector after 1 January 2012.
To this end, ASIC confirmed 4493 of those eligible to use the pathway, or 50.2 per cent, did so, while 1944, or 21.7 per cent, said they had not used it, with the remainder not revealing their experience.
Breaking down the advisers who did not use the experienced provider pathway, Padua found only 39.6 per cent of this cohort held qualifications that can be used towards 2026 requirements.
Further, it was found a large majority of them, or 94.75 per cent, have a degree, although the relevance to the profession of that particular qualification is unclear.
Of those who entered the industry before 2012 who did not communicate their attitude toward the pathway, only 37.3 per cent had a relevant qualification and 77.8 per cent had any kind of degree.
Padua noted, by business type, very few accountants operating under limited licences have shown interest in continuing into 2026.
“I don’t think that model will be around by the end of the year,” Williams said.
