While some have welcomed relief from the education standards, the proposal has received some heavy criticism from industry leaders and advisers. In our own pre election adviser poll, more than three quarters of advisers did not think a Labor government would have a positive effect on Australia's financial advice landscape. With the latest announcements, we'd love to hear your view and open up the discussion in the comments below.
Comments1
"Lack of empathy to Stockbrokers with long term exemplary experience has created great mistrust of the reform in financial advice. Despite sitting for exams and spending long hours of understanding the ethical approaches ....some advisers unfortunately are not students anymore. This conditioning comes from as much of their own clients (that they have had for decades) as their own age process. Very experienced advisers rarely take new clients - only those from existing clients who ask first will they be prepared to look after a friend or family member. Educators do not seem to appreciate the protocol. Educators test on the assumption of bad practices when many broker firms have invested considerably to meet the financial demands of business and advisers."
Adrian Clifton-Jones 15:03 on 08 Jun 22