2,990 advisers capable of re-authorisation
New Australian Securities and Investments Commission (ASIC) analysis around the financial advisers exam has identified a pool of 2,990 advisers who have passed but are not on the Financial Adviser Register.
The regulator has made the point that the advisers in this pool are entitled to return the register under re-authorisation in the future.
Sixty-three per cent of candidates passed the May financial advisers exam, 74% of whom were sitting the exam for the first time, according to the Australian Securities and Investments Commission (ASIC).
The regulator said that 195 candidates sat the May exam, bringing to 20,750 people who have now sat the exam.
According to the ASIC analysis, over 19,020 (92%) of candidates who have sat the exam have passed, “demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam”.
It said that of those who have passed:
- Over 15,810 are recorded as current financial advisers on ASIC’s Financial Adviser Register (FAR).
- Over 2,990 are ceased advisers on the FAR and may be re-authorised in the future.
- Over 950 passed while completing their professional year of work and training.
I’m one of those who passed the exam and then bowed out. I don’t think I should have to re-do my qualifications for a third time in 20 years due to yet another paradigm change. You don’t ask doctors, teachers, nurses, lawyers etc to re-do their degrees every 10 years. Who wants to turn around and pay another $20K plus to re-do the same courses for a second or third time at much higher prices due to the being compulsory now, whilst working full time?
I hope you’re enjoying your new life/career.
Only Bureaucrats would think passing an exam = awesome adviser.
Ask all the stockbrokers who were asked nothing but financial planning questions in the exam.
I know at least 100 of the 2,990 that could come back into financial planning as they were former AMPFP planners who got financially and emotionally destroyed by AMPFP, the Advisers Association and realistically ASIC and the Government with the changes to grandfathered commissions. The majority of them are clinically depressed due to their treatment and have absolutely no intention of returning to financial planning. Personally unless something changes I can’t blame them for avoiding this profession like the plague.
I have been in the game since 1996 and if a young person said is being a financial adviser a good career I’d say no. Too much red tape
Right, 3000 experienced advisers on the sidelines, but we need to authorise super funds with conflicted and uneducated staff to provide advice. Wouldn’t it be better to have them return to industry to help reduce the so called advice gap.