Advisers that wish to continue providing advice from 1 January 2026 and but don’t meet the experienced provider pathway are required to meet a new minimum education and training standard in order to continue operating.
ASIC’s latest estimate showed there are some 2,326 relevant providers who, based on their Financial Adviser Register (FAR) status, are yet to meet the new standards. While there have been varying predictions of possible losses from the Financial Advice Association Australia (FAAA), Padua Wealth Data and the regulator, most put expected losses around 1,000.
Those who don’t meet either the education or experience requirements and remain on the FAR once the deadline arrives will be required to complete the additional education requirements and go through the professional year (PY) program before they can resume providing financial advice.
However, there is a loophole available for existing advisers who don’t meet the requirements yet but intend to continue operating.
Flagged by the FAAA in a webinar earlier this year, advisers have the option to get off the FAR ahead of the deadline, complete their studies and then rejoin the register once they meet the new standards. This would allow them to avoid the need to redo the PY.
Targeting this group of advisers, Kaplan will run a six-week intensive study period starting 12 January, giving these advisers a chance tick off a study unit close after the education deadline. The traditional first study period of the year will kick off the same day and run for 12 weeks.
Kaplan Professional chief executive Brian Knight said that, despite a strong push to meet the Financial Adviser Standards ahead of the deadline, many will still be unable to complete their required studies before the end of 2025.
“It is our understanding many of these advisers plan to cease on the FAR at year-end and return as soon as their remaining study is complete. Our responsibility as an educator is to make sure that pathway remains clear, achievable and well supported,” Knight said.
The January intensive will mark the fourth intensive study period from Kaplan in an effort to support advisers to meet their requirements in addition to its six study periods that ran throughout the year.
Noting the challenges for Kaplan to run these additional study periods, Knight said the goal is to reduce further loss of advisers as they work towards the education standards.
“By offering both a standard 12-week intake and a focused, six-week intensive option in January 2026, we are giving advisers every opportunity to complete their study and return to providing advice as quickly as possible,” he said.
“We want advisers to know that even if they must cease on the FAR at the end of 2025, there is a structured way back and we will be with them every step of the way.”
