Career pathways emerge out of the QAR

We have a shortage of financial advisers in Australia. Whilst we are seeing new entrants choosing careers in financial advice, they do not make up the number of experienced advisers who have left the industry.

This has created a gap where many Australians cannot access quality advice at the time they might need it most. Australia has an ageing population, and this brings about certain social and economic challenges. If people are living longer, how will they fund these extra years? These Australians are more likely to enjoy a secure financial future if they have access to quality advice.

Coupled with this is the question of intergenerational wealth transfer, which was worth around $1.5 trillion between 2002 to 2018. This amount is projected to increase four-fold between 2020 and 2050, in line with rising wealth among older age groups.¹ Australians who plan to give inheritances and gifts to family members and others will need advice.

In his article on regulatory developments in advice over the past ten years, BT’s Head of Financial Literacy and Advocacy Bryan Ashenden discusses how some of the recommendations from the Quality of Advice Review can close the advice gap.

For instance, the proposed introduction of a new class of adviser presents an opportunity for support staff to develop and provide some limited advice to clients on simple matters, which could potentially be a stepping stone for some towards becoming a fully qualified financial adviser.

Becoming this new class of adviser might also be an attractive career path for graduates and others commencing their professional careers, resulting in a younger and more diverse group of advisers. This next generation of advisers may connect well with the next generation of clients and continue to progress their careers in advice.

Implemented correctly, this could make a significant difference for the future of advice delivery in Australia. Not only for the Australians who need advice, but also for advice practices looking to retain and attract staff, as well as growing their business.

Career pathways have been top of mind for BT. We have an ongoing partnership with Striver, who are committed to recruiting graduates into the advice profession. This year we have also commenced a mentoring program for advisers and are planning to add to our education program. As we celebrate the tenth anniversary of BT Panorama, at BT we are looking to the future and considering how we can further support the advice industry, and enable more people to achieve their financial goals.

As we celebrate the tenth anniversary of BT Panorama, at BT we are looking to the future and considering how we can further support the advice industry and enable more people to achieve their financial goals.

‘Career pathways emerge out of the QAR’ by Matt Rady, originally published in Adviser Ratings’ Q1 2024 Musical Chairs Report.

1 Wealth Transfers and Economic Effects 2021, Productivity Commissioner:  https://www.pc.gov.au/research/completed/wealth-transfers, pp. v, 8, 36 and 61.