A poll conducted by RiskinfoNZ’s sister publication in Australia suggests a divide exists between advisers when it comes to support for a proposed Experience Pathway for advisers of ‘good standing’.
The pathway, if adopted by the Australian Government, would allow advisers with 10-years’ industry experience to avoid having formal qualifications in lieu of industry experience.
So far, slightly more than half (53%) of those who have voted in a RiskinfoAU poll support the Experience Pathway proposed by the Government.
Two in five advisers, however, do not support the proposal, even though it will almost certainly be implemented following a period of industry consultation.
The summary argument for those in favour of the option revolves around stemming the 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.
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 be a backward step in rebuilding consumer trust in financial advisers.
Click here to access the Australian Government’s Consultation Paper on Education Standards for Financial Advisers.