Financial Adviser Education Standards – Consultation Paper 2022
AIOFP Response
Dear Minister,
The Association of Independently Owned Financial Professionals (AIOFP) welcomes the opportunity to provide to Treasury and the Minister commentary on the proposals relating to the education standards of financial advisers.
The AIOFP membership includes self-employed Advisers, employee Advisers, Self-Licenced advisers and mid to large AFSL’s who are non- institutionally aligned. The Association wholly supports professional and educational standards and is proud that its members have specialist skills and knowledge which benefit the public.
The AIOFP supports the legislative instrument providing for the financial education standards be amended. The current standards do not recognise experienced advisers who may be towards the end of their career. These advisers have years of experience including significant market events such as the 80’s crash, tech crash of the 90’s, the GFC and the recent Covid market fall.
It is important to preserve the experience within the profession so that lessons from the past can be taught and not repeated. The AIOFP support recognition of experience to be qualified by agreed checks and balances to allow these advisers to pass on their knowledge and experience to the next generation of advisers.
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Background
Education of Financial Advisers
Policy Objective
AIOFP Position
Formal Education and Exam
