The Advisers Association (TAA) has called for a “co-ordinated” approach to address the challenges facing the profession such as talent exodus and meeting the Government’s new education requirements.

CEO Neil Macdonald says good work in some areas is helping to help meet growing advice demand over the next five to 10 years, but feels the efforts are unco-ordinated, insufficient and happening far too slowly.

“The profession can and should take a much more proactive role. We need to take co-ordinated action right now,” he said.

Stemming the exit of experienced advisers is a priority for TAA. Many have passed the Financial Adviser Standards and Ethics Authority (FASEA) exam but are not willing or able to commit to the further education requirements that would allow them to stay on in the profession.

“Highly experienced advisers should be allowed to continue to practise without having to meet the new education requirements potentially until 2035, subject to certain criteria,” Mr Macdonald said.

TAA says the criteria could include passing the FASEA exam, having a minimum of 15 years’ experience as at December 2021 and passing a competency assessment at Australian Qualifications Framework level 7 or above.

Last August a Treasury consultation paper on adviser professional standards recommended that advisers should not need to have tertiary education if they already have 10 years’ full-time equivalent experience in Australia between 2004 and 2019, hold a clean disciplinary record and have passed the financial adviser exam

Existing advisers who do not meet the criteria to be recognised as “experienced” will need to have an approved eight-unit graduate diploma or equivalent by January 1 2026.

“Submissions were previously made about an experience pathway, but this is now outside our control and for Government to decide,” Mr Macdonald said.

“What is within our control is helping to change the mindset of older advisers in relation to further education and helping them prepare for it.”