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.
“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.
AUTHOR
The Outsider
Recommended for you
When it comes to a business merger, achieving the voting approval can be just the first step.
When it comes to human interest stories, the Australian Prudential Regulation Authority is keen to let the organisations it regulates know its staff are more than just faceless automatons.
Outsider is hopeful of the news from advice firm Invest Blue that it is trialling a move to a nine-day fortnight for its staff.
Like most of the financial advice industry, Outsider has spent the week reading through the final report of the Quality of Advice Review.
