How many advisers would benefit from experience pathway?

adviser/experience-pathway/Colin-Williams/Stephen-Jones/

9 June 2022
| By Laura Dew |
image
image
expand image

Research by Wealth Data has compiled the total number of advisers who have enough experience to qualify for the proposed experience pathway.

The experience pathway was proposed by minister for financial services, Stephen Jones, last year and would allow advisers who had 10 years of experience as a financial adviser in the last 12 years to only complete a tertiary level unit on the code of ethics.

However, it was expected to have some additional constraints by the time it was enacted following feedback from industry associations.

According to Wealth Data, 63.1% of all advisers had a commencement date of before 2012. Financial planning, specifically, had a higher percentage than this at 66.5% while investment advice had 67.9%.

Accounting-limited advice (SMSF advice) had the least advisers with 10 years experience at only 12.5%. Most advisers in this category had commenced post-2016.

When broken down by licensees in the financial planning business model, 89.4% of advisers in the single-adviser licensee category had commenced before 2012. Licensee with between five and nine advisers had the lowest rate at 58.2%.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 days 4 hours ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

4 weeks 1 day ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND