A third of financial planners tipped to leave industry due to new laws


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The previous education requirements set out by ASIC allowed some financial advisers to become qualified to provide financial advice to retail consumers after only four days of training.


While most agree the requirements will help improve the quality of entry-level advisers, as many as 6000 existing, experienced advisers, or nearly a third of the 20,000 planners working in the industry are expected to shut up shop, according to research by the FPA, Mr De Gori said.


Association of Financial Advisers chief executive Philip Kewin said he “fully supports the move towards professionalism” but criticised the new regulations for overlooking the experience of existing advisers.


“Recognition of experience needs to be given to those advisers who have been doing the right thing with no complaints and full compliance for many, many years,” he said.


Article source: https://www.smh.com.au/world/north-america/china-issues-warning-for-citizens-travelling-to-us-20180704-p4zpd8.html?utm_medium=rss&utm_source=rss_world

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