The Financial Adviser Register (FAR) has hit a critical juncture, with a staggering 1,000 advisers leaving the profession in the final days of June, bringing the total headcount to a mere 14,899. This marks a significant breakpoint, as the FAR has never dipped below 15,000 since its inception in 2015. The profession is now grappling with a major challenge, as the general consensus is that adviser numbers peaked around 28,000 in 2019, and the current exodus is decimating the headcount. The end-of-financial-year (EOFY) exodus is a classic phenomenon, with June typically seeing higher exits, and FY26 was no exception. Between 28 May and 30 June, adviser numbers dropped by 271, a slight improvement on the previous year's 304 departures. However, the higher financial adviser education standards that came into effect from 1 January 2026 have also triggered a significant outflow at the start of the year. The combined impact has seen the FAR drop by 399 since the start of July 2025, when there were 15,298 registered advisers. The data reveals that the majority of advisers leaving are financial planning advisers, with around three-quarters of all cessations coming from this cohort. This is consistent with a classic end-of-financial-year wave of retirements and moves. The AFSL type net change data provides further insight into the nature of the exodus. Accounting – limited advice saw the largest decline, with -189 advisers, followed by Superfund-based advice (-42) and Accounting – financial planning (-22). Financial planning, investment advice saw a net loss of -5, while Other saw -12. The total net change for the week was -271. It's important to note that the full impact of EOFY exits and registrations will likely be unclear until the end of July, as licensees have 30 days to update the FAR of any changes. Colin Williams, Wealth Data founder, highlights the broad-based nature of the exits, noting that the restricted-SMSF cohort that drove earlier losses has given way to a wave of retirements and moves among financial planning advisers. The data also reveals a slight rebound in the first two days of FY27, with an uplift of 85 advisers, bringing the total to 14,984 for the week ending 2 July. This results in a net loss of 112 for the week. The results of ASIC's June adviser exam sitting are expected to provide a boost to the profession, with new entrants joining the FAR. However, the profession is still grappling with a net loss of 71 advisers year-to-date, with 265 advisers active in appointments and resignations this week. Licensees have seen four new AFSLs commence and seven reduced to zero. The weekly movements among AFSLs reveal a mixed picture, with Bespoke Wealth seeing the most growth, gaining six advisers from CHPW Financial. Springboard Wealth had a net gain of four advisers from InterPrac, while Gill and Cosaw gained two. Spark Partnership Group and Entireti&Akumin were both up by net two. At the other end of the spectrum, Rhombus Enterprises suffered a major blow, losing 18 advisers, while ART Group Services saw an AFSL down by 15. Sequoia's InterPrac lost 15 advisers, with a total of 157 exits and just 125 advisers remaining at the group. FYG Planners and CHPW Financial were both down by net seven advisers, while Morgans, Count Limited and WT Financial Group all reported net losses of four each. A further three AFSLs were down by net three advisers each, six lost two, and a long tail of 52 licensees were down by net one adviser each. The profession is now facing a critical challenge, with the FAR hitting a critical juncture and the headcount at a record low. The industry must address this major breakpoint and resolve the issue of decimating adviser numbers, which is now a major priority. The data and analysis provide a comprehensive insight into the nature of the exodus and the challenges facing the profession. The profession must now take a step back and reflect on the broader implications of these trends, as the future of the Financial Adviser Register hangs in the balance.
