Brett Evans, managing director of Brisbane-based IFA firm Atlas Wealth Management, described the move as a “great result” for the industry.
The former fund manager, whose firm specialises in advising Australian expats based overseas, said: “In order to be seen as a profession in the consumers eyes the bar needs to be raised and this bill will ensure that occurs.
“Whilst education is only one facet of providing excellent financial advice (experience counts a lot as well) this bill will ensure that every adviser will have exposure and accreditation to a education standard which is respected in the community.
“There will be a lot of positioning by financial planning practices in the lead up to ensure that any new advisers they are planning to bring on in the next couple of years are already degree qualified.
“This may place stronger than normal demand for degree qualified graduates in the build up to 2019.”
