Poll Result – Uptick in Adviser Positivity

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Will the FASEA exam and education extensions have a positive impact on your plans for the future of your advice business?
  • Yes (52%)
  • No (40%)
  • Not sure (8%)

The welcome news last week that the FASEA exam and education extensions would finally pass into law has seen a slight uptick in advisers’ perceptions of their plans for the future, our latest poll has found.

The results of our poll, asking whether the FASEA exam and education extensions will have a positive impact on your plans for the future of your advice business, had a slightly more positive result than when we posed the same question in September last year (when the extension was first proposed) and in addition fewer respondents replied in the negative.

This time around 60 percent of respondents agree the extensions will have a positive impact on their plans for the future of their business, compared with 53 percent in September 2019.

Nearly a third (32 percent) say it will not have a positive impact (36 percent the first time we asked). This time around eight percent are unsure, compared with 10 percent in September 2019.

Above: The poll results from our September 2019 Poll when the FASEA exam extensions had just been proposed.

When we first asked the question last year the extensions were only just mooted and it was nine months before the Treasury Laws Amendment (2019 Measures No. 3) Bill’s challenging time getting through both Houses. (See: FASEA Exam Extensions Down to the Wire and Industry’s Warm Welcome for FASEA Exam Extensions).

One reader commented: “A positive impact ONLY at this stage in that I stick around for another 12 months. What happens after that…”

The poll is open for another week, so tell us if you agree with the results so far…

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2 COMMENTS

  1. Unfortunately that advisers comment is pretty accurate Some will not attempt the FASEA exam at all and leave at the end of 2021 but I feel most will do it ( some several times ?) to give them until 2026 to ease their way into retirement or another occupation such as real estate or home lending where the education is aligned with the duties of their occupation and actions unlike the current regime we are following in the financial services area?
    To most who have been around a long time it’s a “smack in the face” to their efforts of the past ! Their already achieved degrees that mean nothing and the annual 40 hours of education that get no recognition It’s to most like being told not asked !! to start all over again
    Why do you think only 7000 advisers have done the FASEA exam ? Most are still contemplating their overall position in this profession and if it’s worth the effort to stay ?
    Only time will tell but I would like to be as sure of winning lotto that you will see a huge exodus of advisers in the years to come some at the end of 2021 but be warned January 2026 will be a “red card”day.

  2. I think the problem with all these polls is that the bulk of the advisers who are leaving this once great business are no longer reading, voting or commenting on these articles. Ultimately leading to skewed outcomes as the only ones voting in the polls are the ones who are staying like me.

    The FSC (including insurance companies) and the Govt bodies have screwed advisers with lies and over regulation over the last 5 or more years. Now they are all reaping what they have sown.

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