Govt proposals to change adviser entrant pathway welcomed
Moves by the Government to change the new entrant pathway for financial advisers has been welcomed by the Stockbrokers and Investment Advisers Association (SIAA).
SIAA chief executive, Judith Fox said her organisation welcomed the proposed move away from the existing regime and adoption of an approach which recognises that a degree is the just the first step in becoming a fully qualified financial adviser.
It proposes that new entrants must complete the Professional Year, with its 100 hours of training and supervision by an experienced adviser, as well as sit the professional standards exam before they can take on qualified adviser responsibilities. They also then have 40 hours per year of continuing professional development.
“Our sector will once again be able to attract the best and brightest from the top universities,” said Ms Fox. “The profession will be able to offer a high degree of quality in the advice role.”
“In stockbroking and investment advice, new entrants straight from university will not face a client for some years, given they will rotate through roles in research, corporate advisory and back office, for example, before commencing the Professional Year, in order to gain a full understanding of capital markets and the investment landscape.”
The government’s proposed changes also facilitate greater diversity in the profession, by ensuring that experienced professionals seeking a career change can utilise their existing degree. “This is particularly important for female mid-career professionals,” said Fox. “With women making and inheriting wealth in increasing numbers and research showing that women frequently prefer to see a female adviser, the need to attract women to the profession is vital.”
Oh look – more changes to our industry.
Who would have thought ?
Of course the SIAA support watering down of standards
Do the FARSEA bureaucrats and Politican morons get held to account for the extremely limited approach they took to eliminate 45% (14,000) Advisers.
Now the morons in Canberra have Financial Advisers on the skills shortage list.
Morons trying to run the country but only run it into the brick wall.
So sick of these imbecile’s.
wait until Albo begins an import program to bring in foreign ‘advisers’ just wait for it
More BS spewed from SIAA
Facts
1) a degree just proves that some one who starts something can finish something.
2) Women prefer to speak with a female adviser? Clients regardless of their gender want to speak with the person who can safely make them money.
So will I receive a refund after completing a bachelor of finance and having to repeat my studies because it the program wasn’t recognized for credit, costing me over $20 with Kaplan?