Older advisers leaving the industry still have a role to play as mentors and supervisors, according to Mentor Education Group.

“Whatever the industry looks like after 2024, the need for transferable skills, knowledge and business and entrepreneurial attributes will be immense,” founder Mark Sinclair said. “Especially for professional mentors and supervisors within advisory businesses.”

Dr Sinclair says his organisation has already seen advisers seeking such roles, as the demand for leadership, management and coaching qualifications grows.

This will gather pace with the Financial Adviser Standards and Ethics Authority professional-year education requirements for new industry entrants.

The professional year will comprise four core competencies: technical; client care and practice; regulatory compliance and consumer protection; and professionalism and ethics.

“A mandated supervisory and mentoring role will be required within each advice business to ensure evidence is collected in a logbook and attest to the completion of the professional year,” Dr Sinclair said.

“This is already an established practice in the mortgage broking industry, where new entrants typically appoint an experienced mortgage broking mentor and meet with them monthly during a two-year period.”

Dr Sinclair says gaining qualifications in mentoring and supervision will be imperative for maintaining consumer confidence in financial planning.

“Although still relatively small in numbers, the number of mature-age planners undertaking academic study in leadership, management, coaching and mentoring has begun,” he said.

“I’m confident the opportunity to commercialise decades of knowledge and SME business experience will attract advice practitioners in rapidly growing numbers.”