Stuart Robert believes the financial advice industry has failed to correctly address education standards for some time.
Appearing on a recent Momentum Media podcast, the Shadow Minister for Financial Services said the industry is currently going through a “massive revolution” on the back of banks exiting the wealth space and heavy regulation which he believes has put the cost of advice “out of the hands of ordinary Australians”.
Mr Robert called out education standards in particular as, currently, existing financial advisers with no degree must have an approved qualification by 1 January 2026.
“So I’ve been doing this journey for a long time and the industry — the advice industry — couldn’t get itself together on education. Couldn’t agree,” he said.
“Hence, why FASEA was born. Now, FASEA is gone, thank goodness. Because where it landed, I thought was quite poor.
“I’d like to see industry own its own education requirements, come together like the broking industry did, where the players all got together and all agreed.
“I’d like to see that in financial services and in the advice industry as well.”
Mr Robert’s comments come after government’s consultation on the adviser education standards closed on Friday (16 September).
In it, financial services Minister, Stephen Jones, said the government would look at options to “streamline the education requirements for financial advisers”. He also addressed the 30 September deadline for existing advisers to pass the exam and continue to provide financial advice, saying that following the deadline, he will ask Treasury to explore how the exam can be improved, such as reducing the number of questions.
Speaking to ifa late last month, the Stockbrokers and Investment Advisers Association (SIAA) CEO, Judith Fox, welcomed the government’s move; however, she noted some key concerns.
“The paper makes it clear that the Minister’s intent is to make a broader range of degrees eligible as entry pathways. In the stockbroking and investment advice profession, the degrees that are sought are those in commerce or finance or economics — these are best suited to working in equity capital markets, given the subjects they cover.
“New entrants to our profession therefore come highly qualified, but if there is a gap of a couple of core knowledge areas, we don’t want to repeat the FASEA model of making new entrants study a second unrelated degree to cover one or two subjects.
“We now have across-the-industry recognition that the one-size-fits-all model that FASEA put in place did not work. The consultation will allow us to assess how to ensure that education pathways are appropriate to different professions within the financial advice ecosystem, while embedding core knowledge areas.”
To listen to the full podcast with Mr Robert, click here.
Shadow minister…… did I miss something ….. you got got it right …… didn’t you
Interesting how much he has to say now on behalf of his opposition Govt.
Anything the Liberal Govt has to say regarding Financial Services is an utter insult to every adviser that has had to endure a decade of regulatory and legislative discrimination.
The Liberal Govt treated advisers with complete disdain and disrespect for years with an attitude that they would continue to hold power.
The ego of Morrison, Frydenberg and Hume and the attitude of entitlement to power was disgraceful.
The Liberal Govt laughingly claimed they were the “Govt for small business” whilst systematically dismantling the Financial Services small businesses through neglect and a deafness to the decade of calls to change the direction of financial services legislation & regulation.
For Jane Hume and Stuart Robert to even open their mouth is an insult at the highest level.
I totally agree. But let’s not forget Labor’s love affair with Industry Super, while Bill Shorten sneeringly referred to financial advisers as “used car salesmen”. I’m truly hopeful the pendulum is finally swinging back to something better under Labor. Fingers are crossed, but I’m still guarded as I complete my final Grad Dip unit.
They are the party for small business, just a long way behind being the party for institutions as priority number 1.
Stuart, you did such a great job, look where you are now. Your opponents, now in Government, have a majority. Shadowed into irrelevance you are. This clown is setting the scene so that he can jump onto the bandwagon, once banks re-enter via digital advice.
Dear MP Robert,
Here’s a hot tip, Advisers voted on mass against the LNP, Frydenberg, Hume, ODwyer for 9 years of mad Adviser persecution from LNP.
MP Robert, be very careful of your tone of continuing to blame Advisers and everyone else but the LNP. Advisers have had a gut full of the LNP and if you ever want our votes back start admitting your terrible treatment of Advisers, your terrible policies, your terrible implementation, your arrogant attitude and your terrible blame shifting of Bank / Insto problems all towards Advisers.
MP Robert, stop lying, take responsibility, significantly change approach to Advisers and one day we may vote LNP again. But the way you are going it’s only getting worse.
What a clown! Mr Robo debt as incompetent as ever. Why don’t you try educating yourself in who created this grandiose mess that is now our industry, including the education piece.
Took the words out of my mouth
That would have been “MeatLoaf”….but this MP is a ‘pork chop’…
Treasury and ASIC are on the payroll of certain institutions. Hard to beat corruption.
Is he seriously comparing us to the mortgage broking industry who are remunerated by commissions (conflicted remuneration) and have a certificate iv as the minimum education requirement to be a broker ? The broking industry has been found to be lacking based on ASICS report which says that most brokers do not do comparison well and offer one or two product option. What the brokers did well is lobby hard.
but brokers are professionals. They don’t put up with their advocacy groups having conflicts
I loved being lectured to by the same guy responsible for the Robo debt fiasco. Competence continues to be an optional requirement when being elected as a minister.
Exactly right. This guy is an absolute clown. Leaves a train wreck behind him wherever he goes. The mess was created by his government. The nerve of the guy.
He would say that, wouldn’t he? I will never vote Libs again
Agree
It obvious that the LNP doesn’t want to win back all the voters they lost from the financial planning profession through their actions. Obviously all the problems have been created by financial planners, not an incompetent and conflicted government. Maybe when they get whacked again at the next election they might do a bit of soul searching and understand why their traditional voting base is abandoning them in doves.
They certainly haven’t learned their lesson that they were shown in the last WA state elections where Libs only got to retain 2 seats….they got slaughtered. Seems they need to have a repeat of this…
How is this guy even in the Shadow Cabinet? More Coalition seats going to the teals at the next election.
How is this clown still able to have an opinion on anything that anyone cares about? Scomo’s no longer there to protect him from the consequences of his litany of transgressions.
Thank goodness Humes, Frydenberg & Roberts are no longer in charge. The Liberals have destroyed the advice industry. Just go away.
What a fool. How on earth is any industry meant to self-regulate their education? Especially when there are about 8 different adviser groups.
The Liberal government kept delaying and delaying the implementation of the degree requirement. Should be done and dusted by now.
Is he saying it’s not me it’s you thing here therefore not LNP fault – seriously? I am far from a fan of the FPA but it seems he is saying LNP put the boot in and helped increase Industry Super’s MASSIVELY and put red tape around all Industry Super COMPETITION because we didn’t stop them? Mate, bring on the next election please.
Not necessary – they already lost…
Another Federal Election in two ish years – time enough for for more clients to be influenced/coached away from LNP perhaps? Both majors seem to be losing primary votes – looks like Stuart is trying to continue that trend.
A politician saying poor Advocacy efforts let down the industry and ultimately lead to FASEA. How long will members of the FPA continue to tolerate their association trying to represent an entire industry including the TelstraSuper call centre. Now we’ve got two conflicted bodies coming together in an attempt to get a few more years of same same but same outcomes….A good reason people should vote No to a merger so they get the message and nearly collapse and we can rebuild.
I will never rejoin the FPA. A complete waste of my membership money for 2 decades. More reason NOT to join with the AFA. The FPA is simply an advocacy voice for tied-agency IntraFund Advisers. Clear as crystal.
Stuart, the education requirements are not the biggest issue facing the industry. Sure, some don’t want to sit exams or be forced into doing more study, prior experience doesn’t get the recognition it deserves, but most can live with it.
The biggest issue is the amount of red tape that you and your government imposed on advisers. The beauracrats don’t get it, politicans don’t get it. Our job is not to sell products, and yet this is all you think we do.
Stuart Robert was part of the government that legislated the FASEA reforms. Disingenuous in the extreme to now say, they didnt land where he thought they would…. But given his revisions of almost everything the Morrison govt has done, thats no surprise. One pollie who should definitely be fronting a Federal ICAC.
Seems Stuart Robert has forgotten that it was his government in charge throughout this debacle that showed absolutely no support to the industry.
…and the government and opposition collectively couldn’t have done a worse job by NOT listening to the ACTUAL participants in the industry when told CLEARLY that their stupid ideological views would cause a systematic destruction of an industry vital to the secondary market in the Australian economy…and now we are faced with an entire generation of baby boomers who cannot get financial advice as advice practices that remain are full…Younger australians cannot get advice as they cannot afford it even if they could get access to a qualified financial adviser…and our economy is facing higher levels of inflation, the tightening of money supply which means that even more australians will need quality advice in order to protect their families, their homes…from the ongoing stuff-ups made by unaccountable politicians and beaurocrats…
So let’s discuss the greater evil shall we Mr Robert?
So if the Minister thought where FASEA landed was “quite poor”, why did he do nothing about them?
“So I’ve been doing this journey for a long time and the industry — the advice industry — couldn’t get itself together on education. Couldn’t agree,” he said. So where was your voice Minister Robert (Member of the House of Reps since 2007) when your party and Govt. put all the last 10 years of appalling legislation in place?