More than 3,000 advisers may potentially benefit from the proposed experience pathway, according to Wealth Data analysis.
In his weekly analysis of adviser numbers, Wealth Data’s Colin Williams explains that advisers who had 10 years experience between Jan 1, 2004 and Jan 1, 2019 may be exempt from needing to attain an approved degree by Jan 1, 2026 (see: New Pathway for Experienced Advisers Proposed).
Williams notes that to benefit from the proposed experienced pathway, the adviser must have commenced pre Jan 1, 2009, at a minimum.
He states there are 8,239 advisers in this category and 5,073 or 61.57% have a degree of some description.
“This means that 38.43% of advisers who commenced pre-2009 do not have a degree on the FAR – or 3,166 advisers.”
Williams adds that many of the 3,166 may well be progressing towards a degree “…we just don’t know. But for those who have not commenced, time is running out. An approved degree generally requires three years of study – so it would be very difficult to complete a degree by the end of 2025 and work at the same time.”
Courtesy of Wealth Data.
When he breaks the numbers down further, there is “not surprisingly” a correlation between adviser start dates and the percentage of advisers who have a degree.
Williams says that of those who commenced pre-1999, only 1,256 have a degree or 51.50%. Whereas 77.53% of advisers who commenced post-2009 have a degree.
He also notes that the degree may, or may not, be an approved degree.
“For this exercise we assume that even if it is not approved, the advisers with a degree would most likely be in a position to gain an approved degree, often only a bridging course is required.”
