Most of the Financial Planning Association of Australia’s members are against providing a full experience pathway and the association is working through a way to balance experience and higher education.
The now-defunct education authority said it had “no power” to exempt an adviser from sitting the exam but had referred any adviser it knew to be experiencing mental health issues to their licensee or industry association for support.
Chartered Accountants Australia and New Zealand has provided advice to members wishing to cancel their Australian financial service licence following rising costs of running AFSLs and more advisers exiting the industry.
Just because experienced advisers may no longer need to fulfill the education requirements does not mean they should avoid it as extra study can help boost client trust.