Assistant treasurer Arthur Sinodinos has spoken about the Government’s desire to raise the education standards of advisers, at a recent Financial Services Council/AMP breakfast in Sydney.
Sinodinos has said that the government is keen to raise the education standards of advisers, but is wary about imposing burdens that my increase the cost of advice. With the massive growth and diversity of the advice industry in recent years, Sinodinos has said that “you get the sole trade, you get those who are part of small groups of partnership, then you get those who work as part of large organisations, so it’s a very disparate industry…there is more work to do to keep lifting standards.”
The assistant treasurer reiterated that the industry organisations had done a good job to raise education standards among advisers but also warned that, “there is a challenge to keep raising standards the whole time, because the industry has grown so quickly and there is this dilemma about making sure it grows in a way, which provides affordable advice.”
Sinodinos also quashed the idea that his government would mandate a five or six-year university course confirming that “I’ve seen industries where the Governments have sought to do that, and often what that means is you get a good product – but it’s the cost of the product, and therefore the accessibility of the product.”