The most important issue for advisers as we embark on the journey of 2022, as it was at the close of 2021, has been the release of the Government’s proposed Education Pathway for 10-year advisers of good standing. Our poll results suggest there are two distinct points of view when it comes to the benefits that the proposed Experience Pathway will deliver – for the sector itself and for the consumers it ultimately serves…
- Yes (59%)
- No (36%)
- Not sure (5%)
Our latest poll results suggest a divide exists between advisers when it comes to support for the Government’s proposed Experience Pathway for 10-year advisers of good standing.
As the industry returns from its festive season hiatus, slightly more than half of those who have so far voted in this poll (53%) support the Experience Pathway proposed by the Government just before Christmas (see: ‘Experience Pathway’ Proposed…).
Two in five advisers, however, do not support the Government’s proposal, even though it will almost certainly be implemented following a period of industry consultation.
The comments we have received are from those who support the Experience Pathway proposal, albeit being seen by some as ‘too little too late’ for an advice sector whose numbers continues to head south.
As we outlined in releasing this poll, the summary argument for those in favour of introducing the Experience Pathway revolves around stemming the current and future exodus of advisers from the sector, which in turn would mean more Australians, especially those represented in the ‘mums and dads’ demographic, would have access to the financial advice that would make such a difference for many.
On the other hand, those advisers and other industry stakeholders who don’t support the introduction of the Experience Pathway argue that such a move would impede the progression of the industry to ‘profession’ status, and also be a backward step in rebuilding consumer trust in financial advisers.
We welcome your views on this important issue and remind all Riskinfo readers that you can also send your own submission to the Government during its consultation period on adviser education standards, which closes on 1 February 2022. Email your submissions to: FAStandards@treasury.gov.au.
…And click here to access the Government’s Consultation Paper on Education Standards for Financial Advisers.