Change in Qualification Requirements for Financial Advisers for 2026

Is your financial adviser still qualified to offer you financial and tax advice? In Australia, new qualification requirements for financial advisers came into effect at the beginning of 2026.

As a result, many advisers who do not meet the updated requirements are leaving the industry. Before your next meeting or conversation with your financial planner, it’s worth checking that they can still advise you in 2026 and beyond.

If you’ve been affected by the exit or retirement of your financial adviser, PCR Accounting & Advisory can provide continued support. Our advisers meet the new standards and can help maintain continuity in your financial and tax matters.

Is Your Financial Planner Retiring? 

The number of financial advisers had already been declining since peaking at 28,000 in 2019, when the Australian Securities and Investments Commission (ASIC) introduced restrictions on who could call themselves a financial adviser or planner. Now there are only about 15,000 advisers remaining, and this number is bound to drop further after additional rules came into effect at the start of the year. 

While these changes may feel unsettling, they’re designed to lift professional standards across the industry and give clients greater confidence in the advice they receive.

The New Financial Adviser Qualification Requirements in 2026

As part of the updates, these requirements set out the new steps to becoming a financial adviser, along with the financial adviser education requirements that apply to both new and existing advisers.

• Financial advisers must have the necessary education and training, no matter how long they’ve been in the industry. This includes undertaking an ethics unit.
• Financial planners providing taxation advice must complete two units of taxation law.
• Advisers with at least 10 years of experience can use the ‘experienced provider pathway’ to meet education requirements, but must declare it to ASIC.
• New financial advisers must have a bachelor’s degree or higher, pass the ASIC financial adviser exam, and complete a professional year of supervised training.

Your financial adviser might be impacted if they didn’t notify ASIC of their qualifications by the 1 January deadline. It’s also possible to check whether an adviser is listed on the financial advisers register.

The Continuity Risk if Your Financial Adviser Exits

If your adviser leaves, you may be left to deal with financial decisions you haven’t had to manage on your own before. Without the full picture or history, things can quickly become more complicated.

This can impact both your immediate finances and your long-term plans, especially in areas like:

• Tax planning and optimisation 
• Asset protection 
• Insurance renewals
• Superannuation planning and reviews  
• Estate planning 
• Succession planning for business owners

If your adviser has been helping you manage financial structures such as a family trust or an SMSF, a sudden transition can have serious financial and legal consequences. You’re looking at potential compliance breaches, missed lodgement deadlines, and loss of valuable strategic advice.

How PCR Can Help If You Need a New Adviser

Changing advisers can feel like a big step, particularly when there’s a lot of history behind your financial decisions. At PCR, financial advice is provided by Peter, our qualified Financial Adviser, with Phillip, our Junior Financial Adviser, working alongside him. They work closely with clients to take over existing arrangements and provide continuity when an adviser change occurs. The focus is on understanding your current position and supporting you with clear, practical advice as your needs evolve.

Speak With Our Qualified Financial Advisers Today

If you’re unsure whether your current adviser can continue to support you, or you’re already navigating a change, PCR Accounting & Advisory is here to help. Get in touch with our team to talk through your situation and see what the next steps could look like.

Disclaimer: This blog post is for informational purposes only and should not be considered as financial or legal advice. Consult with a qualified professional for personalised guidance based on your specific circumstances.