In a statement, Wealthdigital technical manager Rob Lavery – a former financial planning teacher at North Sydney TAFE and adviser trainer at ANZ – said FASEA’s approach is becoming less muddy, with some central themes emerging.
“It is evident that FASEA does not see the way industry regulation currently works as the basis for its new approach,” Mr Lavery said.
“FASEA’s consultation paper on CPD does not look to build on the specialist areas model used in ASIC’s RG146. Instead, four key areas are identified with a heavy focus on ethics and regulatory compliance.”
The government body’s “fresh approach” has also been unique, Mr Lavery said, in that the traditional role of adviser member associations and the vocational education providers.
“FASEA’s paper all but ruled out the participation of education providers in the vocational sector,” he said.
“This stands in contrast to the prominent role the vocational sector has played in providing qualifications to financial advisers up until now.
“Professional bodies’ current role in creating structure around CPD, as well as assessing CPD content and providing it with accreditation, was not reflected in FASEA’s consultation paper.”
Mr Lavery said that while FASEA has not ruled out the ability for professional associations to become official code monitoring bodies, it has raised issues with potential conflict management and resources.
The royal commission has also asked the associations to answer whether they can effectively juggle the conflict between acting in their members’ interest and the public interest.
Have a look at the Guidance paper on the breakdown of the 50 hours. Only 5 hours allocated to Technical competence, 5 hours on “Client care and Practice”, 10 hours on Regulatory Compliance and Consumer Protection, 10 hours on Professionalism and Ethics and then 20 hours on Other Advisers/Licensee selected CPD, ie PD Days, Conferences, Webinars, etc.
Yep that’s a minimum of 25 hours PER YEAR on learning how to look after clients, dot i’s & cross t’s and ethics.
What a joke. I’ve made a submission to FASEA and said as much plus said they need to get out in the real world. Also made the point about what CPD hours other professions are supposed to achieve. Why is Financial Planning now on a par with GP’s?
Do any of the board of FASEA have experience in the financial advising world ???
Just another stuff up, too little REAL knowledge on how the industry works, what really needs to be done and the correct approach and ALL RUSHED. The outcome will be a disaster without the required outcome. 10 years time we will have this all again.
it just makes 30-12-23 more attractive and unfortunately, a large number of current planners will take the same approach. We will have very little mentoring/supervision ability for new entrants and costs will basically prohibit any that stay.
ODwyer and FASEAs complete arrogance acting like they have invented Financial Advice education and nothing before them exists.
ODwyer & FASEA, as slack and low as DFP 1-4 was, it’s the bloody governments mandatory RG 146, but now you say it’s worthless.
DFP 5-8, for those that choose to further educate themselves you say is worthless.
SMSF Specialist course now worthless.
Estate planning specialist courses are worthless.
30 hrs pa CPD worthless but then you demand
50 hrs CPD. Why ? Isn’t CPD worthless ?
Just because you took so bloody long as regulators to up the education requirements don’t penalise those that took upon themselves some of the best education and directly applicable study possible.
Wake up FASEA and ODwyer and stop pretending like you are the gods of education
It’s an interesting space. I put together a FASEA Education Matrix for EXISTING FINANCIAL ADVISERS which might be of interest/benefit. It can be found here https://www.linkedin.com/feed/update/urn:li:activity:6432469721668521984.
University of New England is a good option.
Yeah except it’s called a Graduate Diploma Joel Ronchi. Please don’t confuse people with “Post-Grad Diploma” in your material.
Thanks Strop – I appreciate it is technically a Graduate Diploma and the challenge with the term ‘Graduate Diploma’ is it’s unfamiliarity with the mass market. This is the context in which I have used the “Post Graduate Diploma” terminology as it is something many in industry are familiar with and understand as a reference. I accept, and will refer to the qualification going forward as the “Graduate Diploma (AQF8)”. Familiarity of the broader market will no doubt come with time
Agree with Strop “Post Grad Diploma” is a little confusing.
VOCED like TAFE NSW deliver graduate certificates and graduate diplomas so I don’t get his point about VOCED being ruled out by FASEA. If anything they offer a genuine pathway for budding planners the Higher Ed institutions don’t. Also, 50% of a CFP’s CPD needs to be accredited by the FPA or an FPA approved provider. FASEA doesn’t change that.
Why would I bother belonging to the associations when my rules and education are all laid out for me. Stuff them, They are both clueless organisations.
Agree. Consumers will seek out the FAR to see that you’re on there. That in itself is an endorsement from the Govt so you don’t need to belong to an Association anymore. FPA fees are outrageous for the benefit one gets!
completely agree. i’d go one step further and say those that still belong to the FPA or AFA are insane and wasting their money, there are so many good charities that actually accomplish good – please consider them instead, these charities are all tax deductible gift receipients also and helps improve many lives
while donating your hard earned money to the FPA and AFA is a total and utter waste. they are useless organizations and like to waste your money AND create more hurdles for you
former FPA member