My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100 pure risk specialists. The experienced investment advisers and specialist risk advisers who saw the writing on the wall (legislator stupidity, culpability and unreliability) back in 2020-21 have been biding their time. Even with the clause saying full uni degrees are not required for the 10 year+ advisers there's little incentive to stay. With unnecessary compliance idiocy soaking up valuable client-facing time and the unsustainable level of commissions for risk advisers. This is not to mention the substantial risk of persecution for the simplest oversight in advice or paperwork. Why would any sane adviser wish to keep doing this under these circumstances? The super funds have really done well to get the legislators and special interest lobby groups to make it so advisers are driven out. This is as plain as the nose on your face - super funds being given much more latitude in giving advice (there's MORE to come), this new 'class' of 'adviser' the politicians have created and the continuing increase in red tape (thanks Jones!) all add up to push advisers OUT and keep new entrants OUT. The super funds can soon have it all!