GPS Wealth managing director Grahame Evans has made an emotional plea for policymakers to consider the human toll of the mandatory education regime.
Speaking on a panel at the 18th Annual Wraps, Platforms and Masterfunds Conference in the Hunter Valley, Mr Evans talked about the disruption that the education standards process is having on his adviser network and the broader industry.
"FASEA is creating a massive problem for the industry," Mr Evans said. "We’ve got people in tears daily about this".
The licensee boss reflected on the case of a young female adviser and mother who "worked their way up from client support, trained themselves and got their advanced diploma, and now they’ve worked out that they’re going to have to spend another 1,000 hours to actually be able to stay in the industry".
"It’s destroying people left, right and centre," he said.
Mr Evans said the mental health and wellbeing of advisers, as well as their existing experience, must be taken into account.
The comments come as ASIC has announced the requirements for advisers to be considered 'existing providers' under the incoming professional standards, clarifying that anyone who appears on the financial adviser register between 1 January 2016 and 1 January 2019 meets the requirements.
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