Industry must learn from FASEA exam and ‘not mistreat longer-serving advisers’

In a new opinion piece published on ifa, Synchron’s new general manager – compliance, Phil Osborne, echoed a sentiment shared by many in the industry that if changes are not made to the requirement the industry will lose more advisers.

“We are concerned that if we do not provide this exemption, the industry may lose even more advisers and the knowledge and experience that are so necessary for mentoring the next generation of advisers will go with them,” Mr Osborne wrote.

“This loss will impact those entering the industry under the new terms seeking mentors for their professional year.”

He added that younger advisers having access to mentors with many years of experience will play a vital role in their future success.

“We must also learn from the FASEA exam experience and not mistreat those longer-serving advisers who helped build the industry, and who have provided Australians with good quality advice that has helped them achieve their financial goals for creating wealth and protecting their families,” he wrote.

“Advisers in the twilight of their careers should be afforded respect and allowed to depart their businesses on their own terms. We should be celebrating their experience and taking it into account, not implementing change for the sake of change.”

Mr Osborne’s comments come just days after the Financial Planning Association of Australia (FPA) said the “one size fits all framework” implemented by FASEA has not worked issued in its submission to Treasury on the Education Standards for Financial Advisers policy paper.

Read the full opinion piece 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.