![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2021\/12\/Sarah-Abood-v2-e1639004204902.jpg\")
<\/a>She says implementing an appropriately targeted experienced pathway could help to offset the substantial decline in adviser numbers over recent years (down 45% since 1 January 2019).<\/p>\n
\u201cA significant number of older advisers, who might have left the profession, could now stay for longer \u2013 which will be good for them and for their clients, who may have gone un-served in the absence of this measure.\u201d<\/p>\n
Abood says that consistent with its last submission, the association believes that this measure \u201c\u2026should be better targeted to older advisers, with the inclusion of a 10-year sunset clause.”<\/p>\n
She sees this as representing an “…appropriate transition for established, experienced financial advisers and planners with a clean compliance record. Otherwise, we will be in a position whereby planners currently in their 30s could continue to practice indefinitely with no further qualifications required.\u201d<\/p>\n
In addition, a requirement to complete the Code of Ethics Graduate level subject would ensure that all practicing advisers have a shared understanding and body of knowledge of the legislated code.<\/p>\n
…the experienced pathway proposal has divided the profession…<\/p><\/blockquote>\n
Abood says the experienced pathway proposal has divided the profession and the association\u2019s membership, with its most recent survey showing that 50.9% of members are supportive of a pathway, and 49.1% are opposed.<\/p>\n
\u201cHowever the level of support would grow to 70% if both the sunset clause and ethics unit changes were incorporated.\u201d<\/p>\n
She says that much of the opposition to this proposal \u201c\u2026has been focused around the fear that this change will undermine the perception of financial advice as a profession. Substantial changes have been made in recent years to professionalise financial advice, with a big impact on the many who have invested time and money in completing the additional qualifications required under FASEA.\u201d<\/p>\n
… It does us no service with consumers to create a two-tier system…<\/p><\/blockquote>\n
The FAAA\u2019s message to members is that \u201c\u2026we are a profession, and your clients acknowledge this. It does us no service with consumers to create a two-tier system, using terminology that makes no sense to them.”<\/p>\n
“Many \u2018relevant\u2019 providers are also experienced. Many \u2018experienced\u2019 providers will also have qualifications. These points were very strongly made to us by members during this consultation.\u201d<\/p>\n
Abood says this is why the association has also recommended that a distinction between ‘experienced’ and ‘relevant’ providers not be made on the FAR.<\/p>\n
\u201cIt is time for us to come together as a profession and ensure consumers can have full confidence in their financial adviser who is registered and licensed to practice.\u201d<\/p>\n
Abood says the FAAA is\u00a0 keen to see the Government finalise this proposal soon, \u201c\u2026to enable financial advisers to make decisions about which pathway they will pursue.\u00a0 We trust that this certainty will help many to make the decision to stay within this important profession.\u201d<\/p>\n
She notes too that the association strongly supports the technical fixes to address issues with new entrants and the tax qualification for tax agents.<\/p>\n","protected":false},"excerpt":{"rendered":"
The newly-launched FAAA’s submission to the Government on the Experienced Adviser Pathway supports the proposal, but suggests that this measure be better targeted. CEO Sarah Abood says the FAAA, including its two predecessor bodies (AFA and FPA), \u201c\u2026has long argued for both high standards and better recognition for advisers\u2019 prior learning and experience. We also […]<\/p>\n","protected":false},"author":24,"featured_media":65676,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-65672","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=65672"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/65676"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=65672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=65672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=65672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}