How many advisers would benefit from experience pathway?
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%.
AUTHOR
Laura Dew
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