Revamped Education Pathway: New Age for Financial Advisers
Revamped Education Pathway: New Age for Financial Advisers
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The landscape for financial adviser education is set for a transformation as Treasury unveils its revised standards, heralding a new direction for the industry.
These changes are poised to broaden the appeal and accessibility of financial advising as a career path.
Traditionally, the journey to becoming a financial adviser was governed by stringent prerequisites, comprising:
Attainment of a qualification from an exclusive list focused expressly on financial advisory subjects,
An extensive 1,600-hour professional training year,
Success in the financial adviser examination,
Dedication to constant professional development.
Looking ahead, the Government's reform introduces a compelling shift, advocating for a broader educational qualification. Aspiring financial advisers will need to possess a bachelor’s degree or an equivalent qualification in any field. This inclusive approach is designed to attract a diverse array of new talent to the profession.
Nevertheless, pertinent academic performance remains crucial. Candidates must achieve baseline study credentials in foundational financial domains such as finance, economics, or accounting. Additionally, they will engage in subjects essential to financial advising, which encompass ethics, regulatory and legal duties, consumer psychology, and the practical methodologies of providing financial advice.
Importantly, the new standard maintains the professional year and annual exam requirements, coupled with a commitment to continuous learning through professional education. These elements ensure that while educational doors are widened, professional rigour remains intact.
A significant departure in policy relates to adviser registration with the Australian Securities and Investments Commission (ASIC). Post July 2026, individual advisers will not be expected to register annually with ASIC, streamlining the administrative burden on advisers. Instead, their registration under their authorising Australian Financial Services licensees will suffice.
For existing advisers, the clock is ticking to meet the revised educational criteria by the 1 January 2026 deadline. This move underscores the shift towards a more educated advisory profession while recognising prior qualifications and experience.
This news shift builds on an article originally detailed by David Jacobson for Online Resources established under Bright Corporate Law's guidance.
Whether you're a new entrant or an established professional in the field, staying informed and compliant with these evolving standards is crucial.
Published:Tuesday, 18th Feb 2025 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
The Australian Securities and Investments Commission (ASIC) has recently highlighted the necessity for enhanced regulatory measures within the nation's private lending sector. This call to action stems from findings that reveal inconsistencies and potential risks that could adversely affect both investors and borrowers. - read more
Recent data indicates a significant shift in the financing preferences of Australian small and medium-sized enterprises (SMEs), with a growing number opting for non-bank lenders over traditional banking institutions. This trend underscores the evolving needs and challenges faced by SMEs in the current economic climate. - read more
Welcome to our comprehensive guide on the essential steps to launching your start-up successfully. Whether you're a budding entrepreneur or an experienced business owner looking to refine your approach, having a solid plan in place is crucial for success. - read more
Cash flow refers to the movement of money into and out of your business. It encompasses all the income your business earns from sales, payments from customers, and investments, as well as all the expenses for operational costs, salaries, and other expenditures. - read more
Need Help Finding a Loan?
All finance quotes are provided free (via our secure server) and without obligation. We
respect your
privacy.
Knowledgebase
Jumbo Loan: A mortgage loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
