Financial advice Joint Licensees open letter to Treasurer Mulino
Matthew Fogarty
An open letter to the Hon DR Daniel Mulino MP, Minister for Financial Services
Published on behalf of the Licensee Leadership Forum and its members representing over 5,000 advisers across Australia.
Dear Minister,
Re: Support for Education Reform for Financial Advisers
We write as members of the Licensee Leadership Forum (LLF), a collective of more than 70 leading licensees, representing over 5,000 authorised representatives operating across Australia’s retail and for-member-profit sectors.
We strongly support the Government’s proposed reforms to adviser education pathways as outlined in the March 2026 consultation paper. These reforms are both necessary and timely to rebuild a sustainable, accessible and high-quality advice profession.
Support for the proposed framework
We support the proposed qualifications pathway, including a degree in any discipline, flexible financial concepts study, four accredited advice subjects, and the continued role of the professional year, exam and CPD. This framework appropriately balances accessibility with rigour and reflects how professional capability is developed in practice.
Addressing adviser supply and consumer access
The current framework has constrained new entrant pathways and contributed to declining adviser numbers. The proposed reforms will materially improve accessibility by reducing unnecessary rigidity, recognising prior learning, and enabling faster entry into supervised practice. This is critical to improving consumer access to affordable, high-quality advice.
Meaningful impact on the sector and better consumer outcomes
We believe the proposed education standards will make a meaningful impact by restoring a practical, modern entry pathway into the profession. Over time, this will help rebuild adviser numbers, improve the sustainability of advice businesses, and strengthen confidence in the advice profession.
In our view, the framework better reflects how adviser competence is built: through a combination of relevant study, structured supervised practice, assessment and ongoing professional development.
For consumers, the reforms support better outcomes by improving access to advice and enabling more Australians to engage an adviser earlier, including those with simpler needs who are currently priced out or unable to find an adviser.
A larger, well-supported advice profession — combined with relevant education standards and licensee oversight — helps ensure advice is delivered by practitioners who are competent, supervised, and accountable.
Maintaining professional standards
Importantly, these reforms do not dilute standards. The professional year, adviser exam, continuing professional development and existing licensee obligations will continue to provide strong safeguards to ensure advisers are appropriately prepared before providing advice. Licensees also support professional practice through supervision, guidance and ongoing capability development that ultimately assists consumers access advice.
Industry support and commitment
The LLF fully supports this reform and stands ready to assist the Government with its implementation. This includes engaging constructively through consultation, supporting transition planning, and publicly advocating for the reforms. Membership of the LLF covers the full spectrum of advice offerings and propositions, and while individual members may lodge separate submissions, this letter reflects our collective support.
Timely progression to legislation
Given the urgency of addressing adviser supply, we encourage the Government to progress consultation efficiently and move to legislate the new framework as soon as practicable. Timely implementation will provide certainty to industry, education providers and prospective advisers. This reform is a critical step in rebuilding the advice profession, and it has strong industry support. We look forward to working with you to ensure its successful implementation.
About the Licensee Leadership Forum
The LLF is a practitioner-led industry forum comprising CEOs and senior executives of Australian financial advice licensees (AFSLs), collectively representing a significant number of the total authorised advisers, across a broad range of advice business models.
Established more than nine years ago, the LLF provides a structured forum for industry leaders to share insights, debate policy and regulatory developments, and engage directly with government and regulators, including ASIC and Treasury. Participation is typically limited to licensee heads or nominated senior delegates.
The LLF is guided by a shared commitment to the ongoing professionalisation of the advice sector, strengthening trust in financial advice, encouraging diversity of thought, and raising standards in areas that materially impact advisers, consumers and licensees.
In closing, we encourage the Government to progress these reforms with confidence, recognising the shared objective of lifting capability, strengthening consumer protections, and supporting broader access to quality advice. We would welcome the opportunity to meet and discuss practical implementation considerations and to contribute constructively to a smooth transition for all stakeholders.
Yours sincerely,
Matthew Fogarty
Chair, Licensee Leadership Forum
General Manager, Infocus Wealth Management
