‘Exceptional’ older advisers should be grandfathered

7 December 2021
| By Jassmyn |
image
image
expand image

Exceptional older financial advisers should be grandfathered with specific disciplines before the “bloodshed” in 2026 or the 2026 education deadline should be extended, according to an adviser.

Super Innovations principal, Joseph Cilmi, said with another adviser exodus “bloodshed” coming up in 2026, “exceptional” advisers over the age of 60 needed to be grandfathered from the education authority’s approved degree requirement.

“For those that are over the 60 mark – I think it's a bit unfair to get them to go back and maybe get them grandfathered with specific disciplines,” he said.

“So, if they just do insurance, they do insurance and nothing else, and they have to refer everything else out. There needs to be some sort of accommodation there.

“Reaching 2026 and then you've been thrown off the cliff I think that's a little bit unfair. It's either that or they extend the 2026 period.”

On classifying “exceptional” advisers, Cilmi said the advisers would need to get a judgement from clients on their past history and identify any past compliance issues.

“FASEA [the Financial Adviser Standards and Ethics Authority] is trying to clamp down on these rogues but they're not all rogues. So, you would have to tackle their history,” he said.

“They've been in the industry 20 years. What have they done? Any compliance risks in the community? Are they involved with the community? That's another big plus.

“If they're involved in the community it tells me they've got the best interest of the community at heart and this is what a professional is. At the end of the day, you’ve got the community at heart not the dollar. I think there needs to be a lot of discussion before 2026 and it needs to be pushed hard.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 7 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago