3000 advisers would benefit from ‘experienced pathway’
More than 3,000 financial advisers would benefit from the Government delivering on the ‘experienced pathway’, according to analysis undertaken by Wealth Data.
The analysis looked at the number of financial advisers who met the criteria for the pathway meaning they needed to have commenced before 1 January, 2021.
According to WealthData principal, Colin Williams there are 8,239 in this category, but 61.57% of those already have a degree.
He said this meant that 3,166 advisers did not have a degree and would therefore stand to benefit from delivery of the experienced pathway.
“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 3 years of study – so it would be very difficult to complete a degree by the end of 2025 and work at the same time,” Williams said.
“When we break the numbers down further, there is, not surprisingly, a correlation between adviser start dates and the per centage of advisers who have a degree. The chart shows that for advisers 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.”
Key Adviser Movements This Week:
- Net Change of advisers up by +1
- Net Change of +65 for 2023 Calendar YTD
- 20 Licensee Owners had net gains for 27 advisers
- 19 Licensee Owners had net losses for (-25) advisers
- 4 new licensees and 1 ceased
- 4 New Entrants*
- Number of advisers active this week appointed / resigned: 59
Summary
A quieter week which may have been impacted by the Easter holiday. Only 4 new entrants and a total of 59 advisers were either appointed / resigned during the week. Four new licensees and 1 ceased.
Growth This Week
- Sequoia Group up by +4. As indicated last week, when they were down by (-5), it was the timing of switching advisers from their licensee Libertas which is being closed, to their main licensee Interprac
- A new licensee commenced with 4 advisers. The advisers are from Synchron
- Licensee owner Alexander Euvrard (Havana Financial services) up by 2 with both advisers coming from Libertas (Sequoia)
- 17 licensee owners were up by net one including Janus financial, Clime, and AIA. The three remaining new licensee were also 1 adviser firms.
Losses This Week
- Insignia down by (-4), with 5 resignations and one adviser appointed. Of the resignations, 1 has been appointed at Akambo, owned by Janus Financial
- WT Financial Group down by (-3) after losing 4 advisers at Synchron and gaining 1 adviser at Sentry Advice
- Diverger down by (-2) and both advisers showing as ceased and both from Merit Wealth
- 16 licensee owners down by (-1) each including Count Group, AMP Group, Morgans and Perpetual
This analysis seems to rely on the “intent” of the adviser standards legislation, that all advisers must have a degree. However it fails to recognise the biased and corrupt implementation of that legislation by FASEA, which ruled that most historic degrees, postgraduate level courses, and CPD, were largely worthless.
While the “experience pathway” may benefit some advisers who haven’t done any education, it will also benefit the many advisers who chose to get professionally educated long before it was compulsory, and were punished for it by the biased and corrupt FASEA.
How about a headline that reads, 30,000 clients will benefit from their advisers not being required to complete pointless education that provides no benefit to the adviser or their clients.