Here's why:
* "As well" is used to add information, not to separate items in a list. It acts more like a conjunction than a separate element.
Here's how to correctly use a comma in this context:
* When listing items: "...senior faculty, younger members, and alumni."
* When combining two clauses: "The meeting was attended by senior faculty, as well as younger members."
In your example, you're just adding information about "younger members" to the phrase "senior faculty." Therefore, no comma is needed.