The announcement by Shadow Minister for Financial Services the Hon Stephen Jones that the ALP will not require any financial adviser who has over 10 years’ experience and a clean record to have a degree post 2026 is welcomed by Stockbrokers and Financial Advisers Association (SAFAA).
“This is good policy, because it recognises experienced stockbrokers and investment advisers who have longstanding relationships with clients over decades, passed the national exam as well as an unblemished record, and their clients should not be disadvantaged because an adviser does not have a degree,” said Judith Fox, SAFAA CEO.
“Stockbrokers and investment advisers have been undertaking significant CPD for many, many years, so continuous learning is a key aspect of their professional lives. Let’s not forget that stockbroking has been around since the coffee houses of London and Amsterdam and has been a profession for centuries.”
SAFAA also points out that working in markets is different from being a financial planner, which means the educational focus on financial planning degrees excludes much-needed expertise. “In stockbroking, there are advisers with medical degrees who are experts on health stocks, or geologists who are experts on resource stocks, yet their degrees are not recognised,” Ms Fox commented. “And of course many in our industry have degrees in commerce, finance, economics and business, which the standards authority has not approved.”
“Recognition of their experience of 10 years or more is common sense, as it means that their expertise can continue to be utilised in raising capital for Australian businesses and assisting investors to take up investment opportunities.”
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