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Deadline Looming for Thousands of Advisers

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14 May 2025 by Risk Info

Article link: https://riskinfo.com.au/news/2025/05/14/deadline-looming-for-thousands-of-advisers/

More than four thousand registered financial advisers have just over seven months to complete their minimum educational requirements in order to maintain their ‘existing adviser’ status.

This is one of the key findings contained in Adviser Ratings’ Musical Chairs Adviser Report for Q1 2025, released this week.

The report details various adviser numbers, movements and other trends across the first quarter of the year. It also highlights the looming cut-off of 31 December 2025, by which date all advisers must ensure their Financial Adviser Register records accurately reflect their qualifications or experience pathway status – and that failure to meet this deadline could result in advisers losing their ‘existing adviser’ status, carrying with it “…severe implications for their ability to practice and generate income.”

The report contains a fascinating table which breaks down the qualification status of the 15,575 financial advisers registered as at the end of March 2025, and with thanks to Adviser Ratings, is reproduced below.

…only 22% of currently registered advisers are definitively positioned to meet this deadline

According to the research and services firm, the table data, based on analysis of ASIC’s Financial Adviser Register, reveals that only 22% of currently registered advisers are definitively positioned to meet this deadline through existing qualifications or new entrant status. It notes this leaves approximately 12,000 advisers (many of whom will qualify under the Experienced Provider Pathway) who must update their records by the end of the year or risk losing their ‘existing adviser’ status:

Source: Adviser Ratings Adviser Musical Chairs Report Q1 2025

The table confirms:

  • 2,365 advisers hold approved degrees recorded properly on ASIC’s FAR
  • 1,085 new advisers entered the profession after 1 January 2019 and already meet current requirements
  • 7,800 (approx) advisers potentially meet minimum education requirements via the Experienced Provider Pathway
  • 4,100 advisers have six to 12 years of experience and do not presently qualify for the Experienced Provider Pathway

…the consequences of missing this deadline are severe and potentially career-ending

Accompanying commentary by Adviser Ratings notes the consequences of missing this deadline are severe and potentially career-ending. It says advisers who fail to update their FAR records would lose their ability to practice and would need to complete a bachelor’s degree, pass the adviser exam, and undergo a professional year before resuming practice – all while unable to generate income from providing financial advice.

Advisers and other industry stakeholders can click here to access Adviser Ratings’ Musical Chairs Adviser Report for Q1 2025.

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