‘We’re almost not going to have an industry left’: The areas to address ahead of 2026

On a recent episode of the ifa Show, Mia Johnson of Keyman Financial Services in Sydney discussed contention around current requirements – which require existing advisers with no degree to have an approved qualification by 1 January 2026 – and said there are other areas of concern that could see more walk.

“For example, the cost of advice. I mean, I understand that’s a huge issue,” Ms Johnson said.

“My concern at the moment is that when the time comes, 2026 rolls around, I feel as though we’re almost not going to have an industry left because everybody’s going to leave.”

It comes after the government recently announced its Education Standards for Financial Advisers policy paper that proposed a pathway that streamlines the minimum education requirements and recognises on-the-job experience for individuals with 10 or more years of full-time experience.

Ms Johnson, who is midway through her professional year, said she is making an effort to encourage younger people to get into the advice industry on the back of recent news that adviser numbers are expected to dip below 16,000 next year.

She added that older advisers she has spoken with aren’t looking to exit the industry completely and want to offer their knowledge and experience to younger generations of advisers coming through.

“So whether that’s mentoring younger advisers, or taking on more of a coaching type of role, I think there’s a lot of opportunity for people who want to exit without doing the education requirements to still leave a legacy and to leave a mark on the industry,” she said.

Listen to the full episode here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.