AFA urges Govt to adopt ‘graduated’ pathway

The Association of Financial Advisers (AFA) is recommending to the Government that it amend its proposed ‘experience pathway’ to become a ‘graduated pathway’ inclusive of a Graduate Certificate with a two subjects credit.

In its submission filed with the Government, the AFA is recommending:

• Advisers with more than 20 years experience being required to do a four subject Graduate Certificate, with 2 subjects credit.
• More than 15 years experience, but less than 20 years – a Graduate Certificate with one subject credit
• More than 10 years experience, but less than 15 years – a four subject Graduate Certificate

Increased education standard in lieu of the potential loss of access to the Experience pathway for those with sanctions.

The AFA said it had based its thinking not only on achieving sensible retention of as many appropriately qualified financial advisers as possible but public recognition of financial advice as a profession.

The submission said the AFA believed the problem with the exodus of experienced advisers could be positively influenced by better recognition of prior learning and experience.