What do you think should be the Govt’s advice policy priorities?
Financial advisers are expressing concern at the amount of time being taken by the Government to flesh-out the details of the so-called “experienced pathway”.
In the wake of Financial Newswire publishing the latest WealthData analysis on just how many highly experienced financial advisers had exited the financial planning profession in 2022, advisers responded by expressing concern about the continuing absence of detail around the pathway.
Many advisers told Financial Newswire that statements by the Assistant Treasurer and Minister for Financial Services, Stephen Jones, around the “experienced pathway” had prompted them to place their education planning on hold.
The Government had Treasury issue a consultation paper in August with submissions closing in September but there has been silence on the issue since then.
With the Government expected to release the final recommendations of the Quality of Advice Review within weeks, Financial Newswire wants to know what you think should be the policy priorities. Please complete our brief survey here: https://www.surveymonkey.com/r/K89FHC3
Asking people to rank priorities is the wrong question. The “experience pathway” should not be a competing priority at all. It was a previously announced policy position that should have been quickly implemented soon after Jones came into government. It has only become a competing priority with other issues because Jones chose to delay it. It should not be delayed even further due to a “focus on other things”. That is just a contrived excuse for welching on an election promise.
It would be great if the experience timeframe were more realistic, such as 2012 to 2022
Yes, Jones last utterance on this issue before his long radio silence was backdating the 10 years to before 2019. That actually makes it a 17 year experience requirement as at the effective date of Jan 2026. That was Jones’ initial attempt at partial backtracking once in government, but it seems like he is now aiming for total backflipping.
My understanding is the experience pathway needs to be passed in parliament. The Lib/Nats will vote against it on principle even if they agree with it meaning the cross benches and the Greens are the key to it passing. If you think Adam Bandt is going to help a financial planner I have a nice bridge in Sydney to sell you.