Why Wealth Managers Are Moving to Australia in 2026

Australia's financial adviser numbers have dropped 48% since 2018 - from around 28,900 to roughly 15,135 in March 2026 - while demand for financial advice keeps growing. The industry body representing advisers has asked the government to add financial adviser and paraplanner to the 2026 Occupation Shortage List specifically to open up overseas hiring. At the same time, financial adviser and investment manager roles already sit on the Core Skills Occupation List, meaning visa pathways exist today through the Skills in Demand visa (482) and Employer Nomination Scheme (186). Add in Australia's consistent pull as a lifestyle and wealth destination, and you get a genuine, structural reason wealth managers are looking at Australia in 2026 - not just marketing.

Australia's Financial Adviser Shortage Explained: Why the Numbers Don't Add Up

This is the single biggest reason behind the current interest in overseas wealth management talent. According to data compiled by Padua Wealth Data and cited by the Financial Advice Association Australia (FAAA), the number of registered financial advisers in Australia has fallen from approximately 28,900 at the end of 2018 to around 15,135 as of March 2026 - a 48% reduction in under eight years. The FAAA has been explicit that this is "structural, not cyclical," driven by tighter education standards, a wave of retirements, and a pipeline of new entrants that isn't close to replacing them: only around 511 new advisers registered in 2024 and 569 in 2025, against an estimated 700 to 1,000 advisers retiring every year.

Meanwhile, demand for financial advice keeps climbing as more Australians approach retirement and look for help with superannuation and long-term planning. The result is a widening gap between how many qualified advisers Australia has and how many it actually needs.

Is Financial Adviser on Australia's Skilled Occupation Shortage List?

Not officially yet - and this is worth understanding precisely rather than assuming. In its submission to Jobs and Skills Australia's 2026 Occupation Shortage List consultation, the FAAA formally recommended that financial adviser and paraplanner be added to the shortage list, specifically to open sponsored skilled migration pathways as one lever to address the gap. This is a live advocacy position from the industry body, not a confirmed change to government policy, so treat any claim that the occupation is "now on the shortage list" with caution until the Department of Home Affairs or Jobs and Skills Australia confirms it directly.

What is already confirmed: Financial Investment Adviser and Manager (ANZSCO 222311/222312) sits on the Core Skills Occupation List, which already supports employer-sponsored visas today, independent of how the shortage list discussion plays out. For the full breakdown of ANZSCO codes, VETASSESS assessment, and visa pathways, see our detailed Financial Adviser PR Pathway 2026 guide.

Career and Salary Outlook for Wealth Managers in Australia 2026

A shrinking supply of advisers against rising demand generally means stronger negotiating power and career options for those who do qualify. Industry reporting notes that median advice fees rose 18% in 2025 alone to reach roughly AUD 4,668 - a 67% increase over five years - reflecting both the cost of delivering compliant advice and the value clients place on getting it at all. For overseas professionals with a strong track record, this environment tends to favour experienced hires over graduates, since licensees are competing for a small, shrinking pool of qualified advisers.

Why Global Wealth Is Moving to Australia (And What It Means for Advisers)

Australia has long featured among the more consistently attractive destinations for internationally mobile wealth, thanks to factors like its lifestyle, education system, healthcare, distance from major global instability, and the absence of inheritance or death duties. Global wealth migration itself is accelerating - industry tracking firm Henley & Partners projects a record 165,000 millionaire relocations worldwide in 2026, continuing a multi-year upward trend. More globally mobile wealth arriving in a country generally means more demand for the advisers, portfolio managers, and private banking professionals who serve that wealth - reinforcing the same shortage dynamic driving interest in overseas advisers today.

How Wealth Managers Can Actually Move to Australia

The shortage and the industry lobbying explain the "why." The "how" comes down to occupation code, skills assessment, and visa choice:

• Confirm your occupation code - most wealth management roles map to ANZSCO 222311 (Financial Investment Adviser) or 222312 (Financial Investment Manager)
• Check current occupation list eligibility - both codes are on the Core Skills Occupation List today, supporting the Skills in Demand visa (482) and Employer Nomination Scheme (186)
• Get a VETASSESS skills assessment if you're pursuing a points-tested or state-nominated pathway
• Separately check ASIC/FAR registration requirements if your Australian role involves giving personal advice to retail clients - this sits outside the migration process entirely

We've covered every step of this in detail, including documentation and common mistakes Indian applicants make, in our Financial Adviser PR Pathway 2026 guide. If you'd rather estimate your points first, try our Australia PR points calculator.

Frequently Asked Questions

Why are wealth managers moving to Australia?

Australia's financial adviser numbers have fallen 48% since 2018 - from around 28,900 to roughly 15,135 in early 2026 - while demand for advice keeps rising. That structural shortage, combined with Australia's Core Skills Occupation List and lifestyle appeal, is drawing overseas wealth management professionals.

Is financial adviser on Australia's skilled occupation shortage list?

As of 2026, the FAAA has formally submitted financial adviser and paraplanner for inclusion on the Occupation Shortage List, citing a structural shortage. This is a live advocacy position, not a confirmed listing - verify current status before relying on it.

Is Australia a good career move for financial advisers right now?

The shortage means demand for qualified advisers is outpacing supply, with only a few hundred new entrants registering each year against 700 to 1,000 retiring annually - a gap that generally favours experienced overseas professionals who can meet Australia's qualification and registration standards.

What visa do wealth managers need to work in Australia?

Most wealth management professionals apply under ANZSCO 222311 (Financial Investment Adviser) or 222312 (Financial Investment Manager), both on the Core Skills Occupation List, making them eligible for the Skills in Demand visa (482), Employer Nomination Scheme (186), and potentially state-nominated visas depending on current eligibility.

How many financial advisers are there in Australia in 2026?

Around 15,135 as of March 2026, down from approximately 28,900 at the end of 2018 - a 48% decline in under eight years, according to Padua Wealth Data cited by the FAAA.

Do overseas financial advisers need a job offer to move to Australia?

For the Skills in Demand visa (482) and Employer Nomination Scheme (186), yes - both require an approved Australian sponsor. If your occupation is currently eligible for a points-tested visa (189/190/491), a job offer isn't mandatory, though state or regional nomination may still require ties to that state.

What's the difference between ANZSCO 222311 and 222312?

222311 (Financial Investment Adviser) covers developing and implementing financial plans and advising clients on investment strategy, tax, insurance, and real estate. 222312 (Financial Investment Manager) covers investing and managing money and assets on behalf of others, closer to a portfolio management role.

Do I need a VETASSESS skills assessment as a wealth manager moving to Australia?

Only for points-tested visas (189/190/491) and the Direct Entry stream of the 186. Most Skills in Demand (482) Core Skills stream applicants don't need a separate VETASSESS assessment, since the Department of Home Affairs assesses qualifications and experience directly for that stream.

Can portfolio managers move to Australia without ASIC registration?

Yes, in many cases. ASIC's Financial Advisers Register (FAR) is only required for giving personal financial advice to retail clients. Portfolio managers serving institutional or wholesale clients, or those in paraplanning, compliance, or business development roles, typically don't need FAR registration.

How long does it take to move to Australia as a financial adviser?

It depends on the pathway. Employer-sponsored visas (482) can often move faster once a sponsor and nomination are in place, while points-tested visas (189) can take anywhere from several months to over a year from lodgement, depending on demand and processing volumes at the time.

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