How have adviser numbers fared under Labor?
With the federal election just days away, how have adviser numbers changed over the last three years of the Labor government?
The last federal election was held on 21 May 2022 and won by Anthony Albanese’s Labor party, while the upcoming one will take place on Saturday, 3 May.
The election also saw Stephen Jones appointed as Minister for Financial Services, but he has stated he will be retiring from politics.
For the week of 19 May 2022, Wealth Data showed there were 16,912 advisers on the Financial Advisers Register.
As of 24 April 2025, this number has fallen to 15,611, representing a loss of over 1,300 advisers during the period or 7.6 per cent.
During its tenure, the party has developed legislation for the Delivering Better Financial Outcomes and introduced the Compensation Scheme of Last Resort.
Looking at weekly movements, ASIC’s adviser exam has continued to provide a trickle of new entrants, with six joining during the week. The latest exam session saw 241 candidates make an attempt, of which 73 per cent passed.
Some 46 advisers were active with appointments or resignations for the week ending 24 April, while one new licensee commenced and zero ceased.
Looking at adviser growth, 17 licensee owners had net gains of 21 advisers in total. Among these, four licensees were up by two advisers each, including this week’s newly minted licensee which took two advisers from Grange Financial Securities.
Centrepoint Group took on one of the new entrants, as well as one from Madison and another returning after a break, though this was slightly offset by the loss of one adviser who is yet to be appointed elsewhere.
Axis Financial Group also picked up two advisers coming off multiyear breaks, while Blue Rock 3030 picked up another of the two new entrants.
Meanwhile, 13 licensee owners were up by net one adviser each, including PictureWealth, Industry Super Holdings, and Capstone.
For losses this week, 16 licensee owners experienced a net loss of 20 advisers in total.
Entireti and Akumin Group lost one adviser to EFS Advice, owned by Andrew Reynolds, and another which is yet to be appointed elsewhere. Morgans Group and Trinity also lost two advisers each, all of whom are yet to be otherwise appointed.
The aforementioned Grange Securities was also down two advisers, alongside a tail of 12 licensee owners, all of whom were down by net one adviser each, including Findex, Sequoia, and Oreana.
AUTHOR
Shy-Ann Arkinstall
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