A coalition of financial services bodies has made a pitch to the Federal Government to arrest the declining numbers of advisers.

The 11-member Joint Associations Working Group says, under its proposal, new entrants would need at least a tertiary degree, while “existing approved programs would remain valid and available”.

The group says its plan would give new entrants and career changers greater flexibility by recognising more pre-existing degree courses while maintaining appropriate qualification levels to ensure consumer protection.

“The number of financial advisers has reduced by 46% since the peak in 2019, and only 381 new entrants joined and remained in the profession in 2023,” the group says.

“With access to financial advice increasingly out of reach for many Australians, encouraging more advisers to the profession is now vital.” 

The group says it has met with Treasury to start talks on the proposal, and it looks forward to collaborating with the sector to ensure education requirements ultimately bring more new entrants to the profession.

The group’s 11 members are Boutique Financial Planning Principals Association, Chartered Accountants Australia and New Zealand, CPA Australia, Financial Advice Association Australia, the Financial Services Council, Financial Services Institute of Australasia, Institute of Public Accountants, Licensee Leadership Forum, Self Managed Super Fund Association, Stockbrokers and Investment Advisers Association, and the Advisers Association.