You don’t study units within a degree because they appeal. You study them because you have to, to complete the requirements of the degree. I think many of you are jumping the gun. Let’s see what comes out over the next few weeks. To be honest, I’m not sure a cull is such a bad thing. I come across so much advice that can easily be shown to be benefiting the adviser rather than the consumer. The fact is that the ROyal commission has only showcased a couple of incidents. The complaints lodged with the RC across all sectors are now nearing 8,000. Recently, ASIC’s surveillance of SMSF advice showed that 90% of the advice was flawed in some way. Much of that, associated with advisers. (And accountants who now, many are also advisers). If you think there is any chance that there will be a back-down of any sort by the government, regulators, or FASEA then I’m sorry to say, there’s NO chance. I have counselled a number of advisers to commence/plan their exit strategies. The argument about how badly off consumers will be with a decline of 50% of advisers is falling on deaf ears. Government, regulators and consumers will tell you that based on recent events, they see no value and indeed detriment, in what many advisers are doing. They would see a reduction as a good thing, to be replaced with people who meet community expectations. Many consumers are genuinely shocked when the current education system is explained to them.
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