Waxing up to surf the second adviser exodus wave

Outsider wishes his hearty congratulations to his old mate, Wayne Leggett, who is amongst a bevy of highly experienced financial advisers to announce they passed the latest Financial Adviser Standards and Ethics Authority (FASEA) exam.

As everyone knows, passing the exam represents a ticket to keep playing in the financial advice space at least until the end of 2025, when those who have passed will be expected to have obtained a FASEA-approved bachelor degree or equivalent.

Outsider doesn’t know Wayne’s long-term intentions or, indeed, that of the many other advisers who have passed the exam, but he notes Leggett’s social media suggestion that he has qualified to continue in practice until 31 December, 2025.

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“After that, my lack of a ‘relevant’ degree, in spite of years of continuing professional development, will force me to step away,” he said. “Oh well...I’ll just have to make the most of the next 4.5 years.”

For his part, Outsider hopes it is longer than that but as someone who has spent well over 40 years plying his own trade, Outsider appreciates that life is about so much more than trying to acquire a not-entirely-relevant tertiary qualification to keep doing so.

So, for all those people who thought the adviser exodus would taper after the last FASEA exam in December, a second wave seems inevitable in 2025.

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Nothing better to learn your trade with a fresh new degree as young supremely educated person and practice on unsuspecting retirees. A degree, in all trades (possibly bar medicine) does nothing more than allow you be in the game.

Your proper learning COMMENCES once you start working. Guys like Wayne have more experience than most graduate classes yet he's deemed surplus to requirements.

This is utterly shameful.

I would bet that if this was a profession dominated by women or minorities and not white middle class men, we would never have been in this situation.

Ive been in the business as long as Wayne, if not longer. However in my situation, I am now forced to complete another 8 university units. This will take about a year of my time, over the next 4 years, costing about $200,000 in addition to losing about 8 months of client time. Thanks to a combination of FASEA & the ridiculous Hayne2 red tape, there will only be one loser out of this - my smaller clients who I have to transition off to fend for themselves from now on. It's me or them. None of my clients will benefit from this massive time waste. This Fed Govt is INEPT.

Hope you are checking on your doctor's qualifications.

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