Adviser exam results bolster adviser numbers

Some 21 new entrants joined the industry over the week ending 10 April, leading to a double-digit growth of 24 advisers on the Financial Advisers Register (FAR) and bringing overall numbers to 15,600.

Wealth Data attributed the strong surge in new advisers to the results of ASIC’s recent adviser exam held on 6 March. Some 241 candidates sat the exam and 73 per cent of them passed.

This was less than the 77 per cent achieved in November, which was the highest pass mark in two years, but substantially better than the 62 per cent in August.

“The new entrants dominated what was otherwise a quiet week. No new licensees, a rare event, while two ceased,” said Colin Williams, founder and director of Wealth Data.

More than 90 advisers were active with appointments or resignations, the research house found. Looking at the weekly growth, 40 licensee owners enjoyed net gains of 47 advisers in total.

Togethr Trustees welcomed three advisers, including one new entrant and one adviser each from Sequoia-owned InterPrac and Akumin Financial Planning, formerly known as AMP Financial Planning.

Entireti was also up by three advisers. Three AFSL owners – Rhombus Advisory, Templestone and PSK Group – gained two advisers each, while a tail of 33 owners rose by one adviser each, such as Shaw and Partners, Sequoia and Findex.

In terms of adviser losses, 17 licensee owners had net losses of 27 advisers all up.

“Viola Group [were] down by seven. All advisers are at Pitcher Partners Sydney Private Wealth. The advisers were authorised at Pitcher Partners back in February this year,” Wealth Data said.

Count bid farewell to three advisers, after it appointed one new entrant and lost four. Meanwhile, both Capstone and Grow Your Wealth decreased by two advisers.

A final tally of 13 licensee owners fell by one adviser each, including Insignia Financial, Canaccord Group, and AIA Company.

Wealth Data’s analysis last week uncovered positive improvements in adviser numbers for the first quarter of 2025, compared with losses in the prior corresponding period.

The first three months of the calendar year produced a net rise of 76 advisers, reflecting a strong recovery from a loss of 50 advisers in the first quarter of 2024.

The number of new entrants who joined the profession during the quarter also increased by 40 per cent, from 86 in Q1 of 2024 to 121 in Q1 of 2025 – a welcome gain of 35 new advisers. Wealth Data attributed a large portion of this to advisers returning to the industry.