The Financial Advice Association Australia (FAAA) has expressed its support for the Opposition’s commitment to making financial advice a “national priority”.
Speaking at Momentum Media’s Election 2025 event last week, shadow treasurer Angus Taylor said a Coalition government would make “rebuilding the financial advice industry” a key priority.
“This is crucially important. This won’t be just optics or words; this will be driven down into the way we want our regulator and regulation of this industry to work. The numeric target will be embedded in ASIC statement of expectations,” Taylor said.
“We need to make sure we get the sector back to where it needs to be, which we believe is 30,000 advisers.”
Adviser numbers currently stand at 15,600, according to the latest Wealth Data analysis.
Shadow financial services minister Luke Howarth, also speaking at the event, reiterated this goal, calling it a “north star” for future advice reform, though he conceded that a time frame on reaching the 30,000 number has not been set.
In a formal announcement following the event, the Coalition vowed to urgently fix the Compensation Scheme of Last (CSLR), cut red tape by implementing the Quality of Advice Review recommendations, review ongoing fee arrangements and reform education standards, among other things.
Reacting to this, the FAAA has thrown its support behind the Opposition government’s focus on making affordable, professional advice a national priority.
Sarah Abood, FAAA chief executive, applauded the ambitious target of hitting 30,000 advisers, however emphasised the need for tangible action to follow.
“A numerical target for rebuilding adviser numbers is a helpful signal of intent, though this must be matched by action that makes the profession more viable and attractive to new entrants,” she said.
More broadly, the CEO said she was encouraged to see a number of the Coalition’s proposed measures align with the FAAA’s five key priorities for the next federal government. These are to:
- Fix the CSLR.
- Provide adviser access to the ATO portal.
- Deliver effective Delivering Better Financial Outcomes (DBFO) reforms and implement a standardised fee consent form.
- Instigate a financial services razor gang to cut red tape.
- Support new entrants to the financial advice profession.
Abood elaborated: “In particular, the commitment to reforming the CSLR, giving advisers access to the ATO portal, reducing regulatory burden through DBFO, and supporting new entrants to the profession. These are all important steps in addressing the challenges currently facing the sector.
“The profession has been clear: regulation in its current form is too often duplicative, inconsistent, and costly – for advisers and consumers alike. Thus the proposed creation of a financial services deregulation taskforce is needed and welcome.”
The FAAA is continuing to seek clarity from the current Labor government, the minor parties and the independents regarding their positions on its five election asks, it stated.
“We believe they offer a pragmatic and constructive path forward for the advice profession – and for the Australians who depend on it.”
Financial Services Minister Stephen Jones, who also spoke at the election event last week, said he believes the Labor government has moved the financial advice reform dial forward “significantly” during his term, despite industry criticisms.
“I think that we have moved the reform dial forward significantly. I can’t think of a time in my time in Parliament where we’ve had a more mature debate around the issues affecting this sector,” he commented at the time.
“We really do need to have a very clear-eyed focus on what we’re trying to do here. What we are trying to do here is to ensure that Australians have access to the information and advice that they need, when they need it, in a safe format.”
