Financial advisers want the federal government to move “as soon as possible” on a revamp of the profession’s education requirements.

The planned changes will make a “meaningful positive difference” to rebuilding the profession, Financial Advice Association Australia says in a submission to Treasury.

Under the proposed measures, new entrants to the industry will have to meet three criteria: have a bachelor’s degree or higher; complete four financial concept subjects such as insurance planning; and pass four accredited financial advice subjects.

“We strongly support the proposal and urge the government to progress with these reforms as soon as possible,” the submission says.

“It is our view that this change will significantly add to the flexibility for new entrants, without reducing the rigorous standard that applies.”

The submission says the current arrangement means graduates without approved degrees cannot join the financial advice profession.

“This impacts the graduates of many of Australia’s leading universities. They are effectively excluded from the profession in the absence of undertaking significant costly additional study, with no capacity to recognise relevant study that they have previously undertaken.”

The association says the number of financial advisers has fallen by about 48% since the start of 2019.

“The flow of new entrants is currently insufficient to retain the current inadequate level, with only 464 advisers who first provided advice during 2025 – which is certainly not enough to help regrow the profession.

“In the context of significant and growing consumer demand for financial advice, urgent action is necessary. Ultimately, improved access to financial advice is in the best interests of all Australians.”