Returned Govt urged to help grow adviser numbers | Australian Markets

Removing the boundaries to entry for financial advisers has emerged as a key consensus problem for financial planner teams earlier than the Prime Minister, Anthony Albanese has even hinted on the identify of his subsequent Assistant Treasurer and Minister for Financial Services.

The Financial Advice Association of Australia listed making entry to the occupation simpler on its post-election want listing, as did My Dealer Services (MDS), whereas the foremost accounting teams opted to press for a majority Labor Government to attempt real tax reform.

The industry superannuation funds had little to say about financial advice however urged the returned Government to hasten the implementation of pay day superannuation and lifting the Low-Income Super Tax Offset (LISTO).

There have been no surprises within the FAAA’s post-election want listing, with chief government, Sarah Abood itemizing the priorities as follows:

1. Fix the Compensation Scheme of Last Resort (CSLR)
2. Provide adviser entry to the ATO portal
3. Deliver efficient DBFO reforms and implement a standardised price consent kind
4. Instigate a financial companies razor-gang to cut crimson tape
5. Support new entrants to the financial advice occupation.

At the identical time self-licensing specialist company, My Dealer Services director, Alexander Euvrard mentioned the main target for the new minister must be growing the quantity of advice industry professionals whereas giving the industry clear guidelines within which it may determine its own future.

“With the outgoing Minister for Financial Services, Stephen Jones, admitting he failed to achieve key goals such as removing band-aid solutions and stemming the loss of advisers numbers to the current 15,000, now is the time for decisive action from the new Minister of Financial Services, not continuous promises and inaction,” Euvrard mentioned.

Euvrard mentioned that whereas there was a lot speak of DBFO reforms, SOA adjustments and lowering administration and compliance, these items whereas important, have been all secondary to the crucial of building the industry by way of elevated adviser numbers.

The FAAA’s Abood made clear that her organisation’s priorities have been round lowering prices to advisers and fixing the Compensation Scheme of Last Resort (CSLR) but in addition gave a nodded to growing the occupation.

She mentioned the Government needed to take energetic steps to grow the occupation by supporting new entrants and addressing long-standing boundaries to entry.

“We must make it easier for talented individuals to join our profession. That includes offering financial support to employers of Professional Year candidates, making the exam more accessible, and ensuring flexibility in the education framework,” she mentioned.